A novel inventory classification approach based on fuzzy membership degrees of evaluation indexes

A novel inventory classification approach based on fuzzy membership degrees of evaluation indexes is proposed in this paper. The approach includes six steps: the selection of the evaluation indexes, the formulation of the fuzzy membership functions of evaluation indexes, the calculation of the fuzzy membership degrees of evaluation indexes, the sequencing of the fuzzy membership degrees of evaluation indexes, the selection of inventory types and the inventory classification results. Using the inventory data of a company, the proposed inventory classification approach is applied. The application results are analyzed and the feasibility of the approach is demonstrated. The presented approach can help the enterprises improve their inventory management level and reduce their inventory costs.