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Opportunities for Classifying the Material Stocks by Several Criteria

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  • Tanka Milkova

    (University of Economics - Varna)

Abstract

One of the key factors for ensuring the achievement of business aims is related to the proper inventory management in the logistics system. Before moving on to the selection of appropriate methods for optimal management of each specific stock type, it is necessary to classify the whole nomenclature in order of importance according to certain criteria, most often using the methods of analysis ABC and XYZ. Subsequently, appropriate management methods are applied to each of the stock groups. In the specialized literature, the classification of the material stocks by one criterion or the sequential classification of each group by several criteria is most often considered. The present study proposes an approach for constructing an integral nomenclature classification criterion that simultaneously considers the impact of several criteria.

Suggested Citation

  • Tanka Milkova, 2019. "Opportunities for Classifying the Material Stocks by Several Criteria," Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, Union of Scientists - Varna, Economic Sciences Section, vol. 8(2), pages 11-20, August.
    • Handle: RePEc:vra:journl:v:8:y:2019:i:2:p:11-20
    DOI: 10.36997/IJUSV-ESS/2019.8.2.11
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    Keywords

    inventory management; ABC analysis; XYZ analysis.;
    All these keywords.

    JEL classification:

    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis

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