Multi-Criteria Inventory Classification Using a New Method of Evaluation Based on Distance from Average Solution (EDAS)
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Implication
Randomized trial demonstrates improved inventory classification in stock keeping units, indicating enhanced decision-making.
Key Points
- This research aims to develop a new method for multi-criteria inventory classification using the EDAS approach. It addresses the limitations of traditional ABC classification by incorporating multiple criteria.
- Introduced the Evaluation based on Distance from Average Solution (EDAS) for multi-criteria inventory classification.
- Evaluated performance on a case study with 47 stock keeping units (SKUs).
- Conducted comparative analysis against existing methods like VIKOR, TOPSIS, SAW, and COPRAS using varying criteria weights.
- The proposed method demonstrated effective performance in inventory classification compared to traditional ABC methods.
- Stability was confirmed across different criteria weights with a high Spearman’s correlation coefficient.
- The EDAS method showed consistency with other established multi-criteria decision-making methods.
Cite This Study
Keshavarz-Ghorabaee et al. (2015) studied this question.