Multi-Criteria Ranking of Inventory Ordering Policies using Fuzzy Based-Distance Based Approach for Indian Automotive Industry

Gupta Amit*, Garg R.K.**, Tewari P.C.***
* Department of Mechanical Engineering, National Institute of Technology, Kurukshetra, Haryana, India.
** Department of Mechanical Engineering, DCR University of Science and Technology, Murthal, Sonepat, Haryana, India.
*** Department of Mechanical Engineering, National Institute of Technology, Kurukshetra, Haryana, India.
Periodicity:June - August'2013
DOI : https://doi.org/10.26634/jmgt.8.1.2379

Abstract

In current scenario of globalization, the organizations are facing the difficulty of proper selection of manufacturing processes, purchasing strategies, process and product design, equipment, machineries and tools to meet the tough challenges of global competition. With the emphasis on quality improvement concepts and wide use of enterprise systems, the managers try to go beyond the conventional boundaries of money and material and also try to explore the vast new universe of possibilities. Proper evaluation and selection of inventory policies is very crucial for the progress and development of any industry. In this paper, we proposed a framework for ranking of inventory policies based on expert opinion elicitation and fuzzy-based Distance Based Approach (DBA) methodology. The conventional method is not self-reliant to integrate the uncertainty of the real problem. The ranking criteria e.g. Unit Cost, Holding Cost, Purchasing Cost, Shortage Cost, Demand, Reorder Level, Lead Time and Review Period which are most relevant to selection of inventory policy have been selected after exhaustive study of available literature. Based on the expert opinion in concurrence with selection criterion, inventory policies are evaluated and ranked using DBA technique

Keywords

Ranking, Fuzzy Logic, DBA, Composite Distance

How to Cite this Article?

Gupta Amit, Garg R.K. and Tewari P.C. (2013). Multi-Criteria Ranking of Inventory Ordering Policies Using Fuzzy Based-Distance Based Approach For Indian Automotive Industry. i-manager’s Journal on Management, 8(1), 41-48. https://doi.org/10.26634/jmgt.8.1.2379

References

[1]. Agrawal, V. P. and Rao, J. S. (1987). Structural classification of kinematic chains and mechanisms. Mechanism and Machine Theory, 22(5), 489–496.
[2]. Agrawal, V. P. and Rao, J. S. (1989). Identification and isomorphism of kinematic chains and mechanisms. Mechanism and Machine Theory, 24 (4), 309–21.
[3]. Gandhi O. P. and Agrawal V. P. (1994). A digraph approach to system wears evaluation and analysis. Trans ASME: J Tribology, 116(4), 268–74.
[4]. Gandhi, Ujval (2003). Vendor Managed Inventory: A New Approach To Supply Chain Management. Master of Science Thesis, Virginia Polytechnic Institute and State University, Blacksburg, Virginia.
[5]. Garg R. K., Gupta V. K. and Agrawal V. P. (2007). Quality evaluation of thermal power plants by graph theoretical methodology. International Journal of Power and Energy Systems, 27(1), 42–48.
[6]. Garg, R. K., Sharma K., Nagpal C. K., Garg R., Garg R. Kumar R. and Sandhya (2011). Ranking of software engineering metrics by fuzzy-based matrix methodology. Software Testing, Verification and Reliability.
[7]. Ho W., Xu, X. and Dey P. K. (2010). Multi-criteria decision making approaches for supplier evaluation and selection: A literature review. European Journal of Operational Research, 202, 16-24.
[8]. Holt, G. D. (1998). Which contractor selection methodology. International Journal of Project Management, 16 (3), 153–164.
[9]. Kumar K. V. and Kumar R. S. (2012). Neural Networks and Fuzzy Logic. New Delhi: S. K. Kataria & Sons.
[10]. Kumar, Rishi and Garg, R. K. (2010). Optimal selection of robots by using distance based approach method. Robotics and Computer-Integrated Manufacturing, 26, 500-506.
[11]. Petrovic, R. and Petrovic, D. (2001). Multicriteria ranking of inventory replenishment policies in the presence of uncertainty in customer demand. International Journal of Production Economics, 71, 439-446.
[12]. Womack, J. & Jones, D. (2003). Lean Thinking: Banish Waste & Create Wealth in Your Cooperation. New York: Simon & Schuster.
If you have access to this article please login to view the article or kindly login to purchase the article

Purchase Instant Access

Single Article

North Americas,UK,
Middle East,Europe
India Rest of world
USD EUR INR USD-ROW
Online 15 15

Options for accessing this content:
  • If you would like institutional access to this content, please recommend the title to your librarian.
    Library Recommendation Form
  • If you already have i-manager's user account: Login above and proceed to purchase the article.
  • New Users: Please register, then proceed to purchase the article.