A Novel Integrated SWARA-MARCOS Model for Inventory Classification

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Miskic Smiljka; Stevic Zeljko; Tanackov Ilija

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Journal Paper

Paper Information

Journal: International Journal of Industrial Engineering & Production Research Year:2021 | Volume:32 | Issue:4 Page(s): 1-17

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Information Journal Paper

Title

A Novel Integrated SWARA-MARCOS Model for Inventory Classification

Author(s)

Miskic Smiljka | Stevic Zeljko | Tanackov Ilija | Issue Writer Certificate

Keywords

SWARA method

MARCOS method

ABC analysis

MCDM

Inventory classification.

Abstract

In the field of logistics, there is a daily need for decision making, i.e. the need to solve business problems by selecting an appropriate solution. During the implementation of decision-making processes, it is necessary to find an optimal solution that will best meet the needs of companies. The selection of an optimal solution is crucial for the profitability, cost-effectiveness and long-term development of companies. The decision-making process in logistics is facilitated by applying various tools such as multi-criteria decision-making methods. In this paper, an integrated SWARA (Step-wise Weight Assessment Ratio Analysis) – MARCOS (Measurement Alternatives and Ranking according to Compromise Solution) model was developed and applied in order to classify products. Fifty alternatives, i.e. products were evaluated based on three criteria. The first criterion is the quantity of purchased products, the second criterion is the unit price of products and the third criterion is the annual value of purchase. The SWARA method was applied to determine the significance of the criteria, while the classification of products was performed using the MARCOS method. According to the results of the originally created MCDM model, the products were grouped into three categories A, B, and C. Then, a sensitivity analysis was performed using a model involving the integration of SWARA method and ABC analysis. Using this model, the classification of products into three groups was performed on the basis of the aforementioned criteria, and then a comparative analysis was conducted.

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