Development of a decision support system for Inventory Analysis and Control

Inherent uncertainties in demands and supply make it difficult for supply chains to achieve optimum inventory replenishment, resulting in loss of sales or keeping excessive inventories. An unkempt inventory can take up to one-third of an organization’s annual investment. Therefore, in order to compete with invariably erratic demands, it is not only challenging to develop an intelligent system to maintain and control an optimum level of inventory but has also become mandatory. Here we have tried to study the inventory control system of an EMU coach manufacturing industry using ABC and HML analysis method.

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Introducing Economic Order Quantity Model for Inventory Control in Web based Point of Sale Applications and Comparative Analysis of Techniques for Demand Forecasting in Inventory Management

Sukhia¹,

Khan²,

Bano³

2014

IJCA

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This paper has primary focus on the aspect of inventory management in web based point of sale applications for supermarkets. The major research focus include selection of efficient technique for demand forecasting in retail industry, the introduction of Economic Order Quantity model to reduce the overall inventory related costs and stock-out, analyzing customer transactions to improve sales, determining product shelving and supplier selection. For this purpose, Economic Order Quantity model is applied on the forecasted demands using simple moving average, linear regression, back propagation algorithm and afterwards a comparative analysis is conducted on the basis of costs generated by each demand forecasting technique. The comparison shows that back propagation algorithm is more efficient for demand forecasting and the overall inventory costs after applying Economic Order Quantity model are found to be lowest for back propagation algorithm as compared to the Linear Regression and Simple Moving Average.

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Development of a decision support system for Inventory Analysis and Control

Cited by 3 publications

References 55 publications

Stock control in a Chemical Firm: Combined FSN and XYZ Analysis

Stock control in a Chemical Firm: Combined FSN and XYZ Analysis

Inventory Control Using Abc and HML Analysis – A Case Study on a Manufacturing Industry

Introducing Economic Order Quantity Model for Inventory Control in Web based Point of Sale Applications and Comparative Analysis of Techniques for Demand Forecasting in Inventory Management

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