Design and formulation of an inventory management system for raw materials by using multi-criteria methods and fuzzy approach

Olga Patricia Cobo Betancourt, John Willmer Escobar and William Ocampo Duque

International Journal of Logistics Systems and Management, 2022, vol. 43, issue 1, 131-152

Abstract: Companies worldwide are interested in inventory policies as essential components of the value chain. Inventories of raw materials are required to meet the given demand fluctuations and to support the delivery times of suppliers (lead time). This paper proposes a model for determining an inventory management system for raw materials by using multicriteria methods and fuzzy parameters. The raw materials are classified, and inventory policies are determined, with optimal levels for a company, which are required to have with effective methodologies leading better management of these aspects and better control of their standards. The proposed approach generates an ABC classification by using a multicriteria scoring method, and then inventory policies are defined by using a fuzzy strategy. The proposed approach has been tested in a real company producing items for personal hygiene absorbents and cosmetics. The obtained results are promising for multinational companies.

Keywords: deterministic demand; stochastic demand; inventory cost; ABC inventory classification; intermittent demand; lead time; MRP. (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijlsma:v:43:y:2022:i:1:p:131-152

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