Dynamic Item Grouping For Inventory Management
Open Access
- Author:
- Mouchantaf, Zoe
- Area of Honors:
- Industrial Engineering
- Degree:
- Bachelor of Science
- Document Type:
- Thesis
- Thesis Supervisors:
- Omar Ashour, Thesis Supervisor
Oladipo Onipede, Jr., Thesis Honors Advisor - Keywords:
- Group Technology; Inventory Management; Dynamic Grouping; Manufacturing Systems
- Abstract:
- The management and control of inventory is a challenging job for modern manufacturing systems. Due to the complexity of these systems, poor management can result in high expenses, disgruntled customers, and eventually a loss of competitiveness and business. The majority of businesses use computerized management information systems, which gather and display data on various parts of their operations, to deal with this problem. This data, which includes details on the demand for materials and parts, machine status, and defect rates, is dynamic and needs to be managed successfully using the right analytic techniques. One such strategy is Group Technology (GT), a management theory that organizes things according to their properties. In this research, a dynamic GT-based framework is presented for classifying inventory items according to a set of attributes specific to the inventory. The method is implemented in a case study that groups inventory based on item type, order type, sales channels, and Stock Keeping Unit (SKU) to reduce the transportation time of the items in a warehouse. Managers may be able to improve inventory management within a warehouse with the aid of the resulting classification approach. The method is portable and accessible because it is developed in MATLAB and can be incorporated into a business's information system.