ABC Inventory Management Support System With a Clinical Laboratory Application

Abstract

Many manufacturing and service organizations invest a large amount of capital in inventory. For this reason, it is important for inventory managers to reduce the costs associated with inventory. Firms that carry a variety of items require a classification system for the effective management of inventory. The ABC support system is a well-established inventory planning and control method that is used to manage different classes of inventory and reduce inventory costs concurrently. This paper presents a decision support system for ABC inventory management that can be used by managers to determine the efficiency of their inventory policies and to evaluate inventory decisions. The mathematical formulas to support inventory decisions are discussed. Since managers must manage in term of dollars, the quantitative tools are explained in terms suitable for management.

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