ISSN 2394-5125
 

Research Article 


ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD

Manmeet Singh, Dr. D.R. Prajapati.

Abstract
Globalisation has made management of supply chain more critical and complicated as compared to before especially for emerging manufacturing organisations. Therefore, businesses need to adopt innovative practices for managing their supply chain in an effective manner. Effective management of inventory is crucial for all companies to ensure that surplus inventory is not being stored in company, and at the same time, customers’ demand is being met. Companies need to select an effective policy for efficient management of supply chain. This study includes different inventory policies, and ranking of each inventory policy has been done based upon their effectiveness. Inventory policies, which should be taken into consideration by every organisation for effective management of their stock include, Vendor-managed inventory, Economic-order-quantity, just-in-time and other monthly policies.
For proper evaluation of each inventory policy, a quantitative model, by following DBA (Distance-based approach) has been selected in this study. If companies fail to select a proper policy for management of their inventory, it will negatively impact their competitiveness by reducing their productivity and by degrading their product quality. For ranking the policies for inventory management in a proper way, identification of selection criteria is vital and then processing information taking into consideration importance of each aspect of comparison. For obtaining criteria value of each policy, an analytical approach may be chosen, or linguistic-subjective judgement technique can be used.

Key words: Ranking, Inventory Policy, Selection Criteria, Distance-based approach


 
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How to Cite this Article
Pubmed Style

Manmeet Singh, Dr. D.R. Prajapati. ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD. JCR. 2020; 7(19): 1769-1776. doi:10.31838/jcr.07.19.217


Web Style

Manmeet Singh, Dr. D.R. Prajapati. ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD. http://www.jcreview.com/?mno=108159 [Access: September 14, 2020]. doi:10.31838/jcr.07.19.217


AMA (American Medical Association) Style

Manmeet Singh, Dr. D.R. Prajapati. ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD. JCR. 2020; 7(19): 1769-1776. doi:10.31838/jcr.07.19.217



Vancouver/ICMJE Style

Manmeet Singh, Dr. D.R. Prajapati. ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD. JCR. (2020), [cited September 14, 2020]; 7(19): 1769-1776. doi:10.31838/jcr.07.19.217



Harvard Style

Manmeet Singh, Dr. D.R. Prajapati (2020) ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD. JCR, 7 (19), 1769-1776. doi:10.31838/jcr.07.19.217



Turabian Style

Manmeet Singh, Dr. D.R. Prajapati. 2020. ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD. Journal of Critical Reviews, 7 (19), 1769-1776. doi:10.31838/jcr.07.19.217



Chicago Style

Manmeet Singh, Dr. D.R. Prajapati. "ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD." Journal of Critical Reviews 7 (2020), 1769-1776. doi:10.31838/jcr.07.19.217



MLA (The Modern Language Association) Style

Manmeet Singh, Dr. D.R. Prajapati. "ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD." Journal of Critical Reviews 7.19 (2020), 1769-1776. Print. doi:10.31838/jcr.07.19.217



APA (American Psychological Association) Style

Manmeet Singh, Dr. D.R. Prajapati (2020) ANALYSIS OF INVENTORY POLICIES IN MANUFACTURING INDUSTRIES USING DISTANCE BASED APPROACH METHOD. Journal of Critical Reviews, 7 (19), 1769-1776. doi:10.31838/jcr.07.19.217