| Title |
A New Model for Stock Management in Order to Rationalize Costs: ABC-FUCOM-Interval Rough CoCoSo Model |
| ID_Doc |
76502 |
| Authors |
Erceg, Z; Starcevic, V; Pamucar, D; Mitrovic, G; Stevic, Z; Zikic, S |
| Title |
A New Model for Stock Management in Order to Rationalize Costs: ABC-FUCOM-Interval Rough CoCoSo Model |
| Year |
2019 |
| Published |
Symmetry-Basel, 11, 12 |
| DOI |
10.3390/sym11121527 |
| Abstract |
Cost rationalization has become imperative in every economic system in order to create adequate foundations for its efficient and sustainable management. Competitiveness in the global market is extremely high and it is challenging to manage business and logistics systems, especially with regards to financial parameters. It is necessary to rationalize costs in all activities and processes. The presence of inventories is inevitability in every logistics system, and it tends to create adequate and symmetrical policies for their efficient and sustainable management. In order to be able to do this, it is necessary to determine which products represent the largest percentage share in the value of procurement, and which are the most represented quantitatively. For this purpose, ABC analysis, which classifies products into three categories, is applied taking into account different constraints. The aim of this paper is to form a new model that involves the integration of ABC analysis, the Full Consistency Method (FUCOM), and a novel Interval Rough Combined Compromise Solution (CoCoSo) for stock management in the storage system. A new IRN Dombi weighted geometric averaging (IRNDWGA) operator is developed to aggregate the initial decision matrix. After grouping the products into three categories A, B and C, it is necessary to identify appropriate suppliers for each category in order to rationalize procurement costs. Financial, logistical, and quality parameters are taken into account. The FUCOM method has been used to determine the significance of these parameters. A new Interval CoCoSo approach is developed to determine the optimal suppliers for each product group. The results obtained have been modeled throughout a multi-phase sensitivity analysis. |
| Author Keywords |
management; costs; FUCOM; ABC analysis; Interval Rough CoCoSO; finances; sustainability |
| Index Keywords |
Index Keywords |
| Document Type |
Other |
| Open Access |
Open Access |
| Source |
Science Citation Index Expanded (SCI-EXPANDED) |
| EID |
WOS:000508127700098 |
| WoS Category |
Multidisciplinary Sciences |
| Research Area |
Science & Technology - Other Topics |
| PDF |
https://www.mdpi.com/2073-8994/11/12/1527/pdf?version=1576581228
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