A Review on Inventory Management Control Techniques: ABC-XYZ Analysis
Journal Title: REST Journal on Emerging trends in Modelling and Manufacturing - Year 2016, Vol 2, Issue 3
Abstract
This paper provides the review of the inventory management and its control techniques of various articles in different field of application. Identify the methods to reduce the cost of inventory which effect organization overall cost and use the resources to their maximum efficiency by concentrating items having greatest potential saving. This paper uses the methodology on which literature is collected on ABC and XYZ analysis of inventory control. Some research articles are reviewed to study overall understanding of approach for inventory control. Inventory control technique differs for various industries depending on raw materials of products and suitable model should be applied for inventory management. ABC analysis is very simple classification and it provides very large cost control on company’s total inventory. It also provides control on less important items. XYZ analysis is helpful in optimization of ordering process where the demand or product price fluctuates. But, combined approach of ABC and XYZ analysis provides the better results in the inventory management.
Authors and Affiliations
Bijal Pandya
Keywords
Related Articles
- EP ID EP240978
- DOI -
- Views 253
- Downloads 0
Thermo-mechanical analysis of friction stir welding Tool (W-alloy and Ti – alloy)
Friction Stir Welding (FSW) is a newly developed among different types of welding process in which the relative motion between the tool & work-piece produces heat in the interface area, which makes two metal sheets joine...
Evaluation of Present Value
Moving cash flows across time is a fundamental tool in capital budgeting. This happens with some defined relationship with interest rate or discount rate decided by reserve bank or federal bank. But at the same time, nor...
Optimization & FEA of Inner Tie Rod for Light Motor Vehicles (LMV)
The ratio of Tie Rod length to the radius of gyration of its cross section is normally quite large, it would likely buckle under the action of compressive forces. If it becomes worn out, steering will be producing clunki...
Evaluation of Ergonomic Issues in Manufacturing Industry and Improvement of Workplace
Ergonomics is the one of the major problems in manufacturing industries. An ergonomic hazard is a physical factor within the environment that harms the musculoskeletal system. This paper works on the assessment of workbe...
Modeling Quality Supply Chain to Enhance Company’s Cost competitiveness:
Today’s dynamic market is characterized by transition in competition from single firm level into supply chain, these create difficulty for developing countries manufacturing companies (which have weak supply chain networ...