Traditional ABC Inventory Classification VS Multi-Criteria Inventory Classification
This video shows how to solve inventory classification problem using multi-criteria. The video also compares the results of single criterion ABC classification with multi-criteria ABC classification. The video highlights the shortcomings of traditional ABC inventory classification and addresses the issues by using multi-criteria inventory classification. Total score formula used in multi-criteria: For item i: Total score = (Criteria 1 value * Weight under criteria 1) + (Criteria 2 value * Weight under criteria 2) +...+ (Criteria n value * Weight under criteria n) References: Iqbal, Q., Malzahn, D., & Whitman, L. (2017). Statistical analysis of multi-criteria inventory classification models in the presence of forecast upsides. Production & Manufacturing Research, 5(1), 15-39. Hadi-Vencheh, A. (2010). An improvement to multiple criteria ABC inventory classification. European Journal of Operational Research, 201(3), 962-965. Zhou, P., & Fan, L. (2007). A note on multi-criteria ABC inventory classification using weighted linear optimization. European journal of operational research, 182(3), 1488-1491. #Inventory #Pareto #ABCClassification #multi-criteria
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