Search results for: ranking function

Authors: Amit Kumar, Pushpinder Singh, Parampreet Kaur, Amarpreet Kaur

Abstract:

Ranking of fuzzy numbers play an important role in decision making, optimization, forecasting etc. Fuzzy numbers must be ranked before an action is taken by a decision maker. In this paper, with the help of several counter examples it is proved that ranking method proposed by Chen and Chen (Expert Systems with Applications 36 (2009) 6833-6842) is incorrect. The main aim of this paper is to propose a new approach for the ranking of generalized trapezoidal fuzzy numbers. The main advantage of the proposed approach is that the proposed approach provide the correct ordering of generalized and normal trapezoidal fuzzy numbers and also the proposed approach is very simple and easy to apply in the real life problems. It is shown that proposed ranking function satisfies all the reasonable properties of fuzzy quantities proposed by Wang and Kerre (Fuzzy Sets and Systems 118 (2001) 375-385).

Keywords: Ranking function, Generalized trapezoidal fuzzy numbers

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Authors: Wojciech Rejchel

Abstract:

The problem of ranking (rank regression) has become popular in the machine learning community. This theory relates to problems, in which one has to predict (guess) the order between objects on the basis of vectors describing their observed features. In many ranking algorithms a convex loss function is used instead of the 0-1 loss. It makes these procedures computationally efficient. Hence, convex risk minimizers and their statistical properties are investigated in this paper. Fast rates of convergence are obtained under conditions, that look similarly to the ones from the classification theory. Methods used in this paper come from the theory of U-processes as well as empirical processes.

Keywords: Convex loss function, empirical risk minimization, empirical process, U-process, boosting, euclidean family.

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Authors: M. Jarocka

Abstract:

The paper contains a review of the literature in terms of the critical analysis of methodologies of university ranking systems. Furthermore, the initiatives supported by the European Commission (U-Map, U-Multirank) and CHE Ranking are described. Special attention is paid to the tendencies in the development of ranking systems. According to the author, the ranking organizations should abandon the classic form of ranking, namely a hierarchical ordering of universities from “the best" to “the worse". In the empirical part of this paper, using one of the method of cluster analysis called k-means clustering, the author presents university classifications of the top universities from the Shanghai Jiao Tong University-s (SJTU) Academic Ranking of World Universities (ARWU).

Keywords: Classification, cluster analysis, ranking, university.

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Authors: P. Jomsri

Abstract:

Nowadays social media are important tools for web resource discovery. The performance and capabilities of web searches are vital, especially search results from social research paper bookmarking. This paper proposes a new algorithm for ranking method that is a combination of similarity ranking with paper posted time or CSTRank. The paper posted time is static ranking for improving search results. For this particular study, the paper posted time is combined with similarity ranking to produce a better ranking than other methods such as similarity ranking or SimRank. The retrieval performance of combination rankings is evaluated using mean values of NDCG. The evaluation in the experiments implies that the chosen CSTRank ranking by using weight score at ratio 90:10 can improve the efficiency of research paper searching on social bookmarking websites.

Keywords: combination ranking, information retrieval, time, similarity ranking, static ranking, weight score

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Authors: B. Farhadinia

Abstract:

Although so far, many methods for ranking fuzzy numbers have been discussed broadly, most of them contained some shortcomings, such as requirement of complicated calculations, inconsistency with human intuition and indiscrimination. The motivation of this study is to develop a model for ranking fuzzy numbers based on the lexicographical ordering which provides decision-makers with a simple and efficient algorithm to generate an ordering founded on a precedence. The main emphasis here is put on the ease of use and reliability. The effectiveness of the proposed method is finally demonstrated by including a comprehensive comparing different ranking methods with the present one.

Keywords: Ranking fuzzy numbers, Lexicographical ordering.

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Authors: Samson Okwakol Ariko, Venansius Baryamureeba

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Internet Access Technologies (IAT) provide a means through which Internet can be accessed. The choice of a suitable Internet technology is increasingly becoming an important issue to ISP clients. Currently, the choice of IAT is based on discretion and intuition of the concerned managers and the reliance on ISPs. In this paper we propose a model and designs algorithms that are used in the Internet access technology specification. In the proposed model, three ranking approaches are introduced; concurrent ranking, stepwise ranking and weighted ranking. The model ranks the IAT based on distance measures computed in ascending order while the global ranking system assigns weights to each IAT according to the position held in each ranking technique, determines the total weight of a particular IAT and ranks them in descending order. The final output is an objective ranking of IAT in descending order.

Keywords: Internet Access Technology (IAT).

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Authors: T. C. Chu, S.H. Wu

Abstract:

This paper suggests ranking alternatives under fuzzy MCDM (multiple criteria decision making) via an centroid based ranking approach, where criteria are classified to benefit qualitative, benefit quantitative and cost quantitative ones. The ratings of alternatives versus qualitative criteria and the importance weights of all criteria are assessed in linguistic values represented by fuzzy numbers. The membership function for the final fuzzy evaluation value of each alternative can be developed through α-cuts and interval arithmetic of fuzzy numbers. The distance between the original point and the relative centroid is applied to defuzzify the final fuzzy evaluation values in order to rank alternatives. Finally a numerical example demonstrates the computation procedure of the proposed model.

Keywords: Fuzzy MCDM, Criteria, Fuzzy number, Ranking, Relative centroid.

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Authors: Z. Abdullah, A. R. Hamdan

Abstract:

This paper is meant to analyze the ranking of University of Malaysia Terengganu, UMT’s website in the World Wide Web. There are only few researches have been done on comparing the ranking of universities’ websites so this research will be able to determine whether the existing UMT’s website is serving its purpose which is to introduce UMT to the world. The ranking is based on hub and authority values which are accordance to the structure of the website. These values are computed using two websearching algorithms, HITS and SALSA. Three other universities’ websites are used as the benchmarks which are UM, Harvard and Stanford. The result is clearly showing that more work has to be done on the existing UMT’s website where important pages according to the benchmarks, do not exist in UMT’s pages. The ranking of UMT’s website will act as a guideline for the web-developer to develop a more efficient website.

Keywords: Algorithm, ranking, website, web structure mining.

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Authors: S. Prabha, K. Duraiswamy, J. Indhumathi

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Search engine plays an important role in internet, to retrieve the relevant documents among the huge number of web pages. However, it retrieves more number of documents, which are all relevant to your search topics. To retrieve the most meaningful documents related to search topics, ranking algorithm is used in information retrieval technique. One of the issues in data miming is ranking the retrieved document. In information retrieval the ranking is one of the practical problems. This paper includes various Page Ranking algorithms, page segmentation algorithms and compares those algorithms used for Information Retrieval. Diverse Page Rank based algorithms like Page Rank (PR), Weighted Page Rank (WPR), Weight Page Content Rank (WPCR), Hyperlink Induced Topic Selection (HITS), Distance Rank, Eigen Rumor, Distance Rank Time Rank, Tag Rank, Relational Based Page Rank and Query Dependent Ranking algorithms are discussed and compared.

Keywords: Information Retrieval, Web Page Ranking, search engine, web mining, page segmentations.

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Authors: C. Ardil

Abstract:

Using the aid of Hausdorff distance function and Minkowski distance function, this study proposes a novel method for selecting combat aircraft for Air Force. In order to do this, the proximity measure method was developed with determinate fuzzy degrees based on the relationship between attributes and combat aircraft alternatives. The combat aircraft selection attributes were identified as payloadability, maneuverability, speedability, stealthability, and survivability. Determinate fuzzy data from the combat aircraft attributes was then aggregated using the determinate fuzzy weighted arithmetic average operator. For the selection of combat aircraft, correlation analysis of the ranking order patterns of options was also examined. A numerical example from military aviation is used to demonstrate the applicability and effectiveness of the proposed method.

Keywords: Combat aircraft selection, multiple criteria decision making, fuzzy sets, determinate fuzzy sets, intuitionistic fuzzy sets, proximity measure method, Hausdorff distance function, Minkowski distance function, PMM, MCDM

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Authors: M. S. Annie Christi

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Transportation Problem (TP) is based on supply and demand of commodities transported from one source to the different destinations. Usual methods for finding solution of TPs are North-West Corner Rule, Least Cost Method Vogel’s Approximation Method etc. The transportation costs tend to vary at each time. We can use fuzzy numbers which would give solution according to this situation. In this study the Best Candidate Method (BCM) is applied. For ranking Centroid Ranking Technique (CRT) and Robust Ranking Technique have been adopted to transform the fuzzy TP and the above methods are applied to EDWARDS Vacuum Company, Crawley, in West Sussex in the United Kingdom. A Comparative study is also given. We see that the transportation cost can be minimized by the application of CRT under BCM.

Keywords: Best candidates method, centroid ranking technique, robust ranking technique, transportation problem, fuzzy transportation problem.

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Authors: Vincent F. Yu, Ha Thi Xuan Chi

Abstract:

Nejad and Mashinchi (2011) proposed a revision for ranking fuzzy numbers based on the areas of the left and the right sides of a fuzzy number. However, this method still has some shortcomings such as lack of discriminative power to rank similar fuzzy numbers and no guarantee the consistency between the ranking of fuzzy numbers and the ranking of their images. To overcome these drawbacks, we propose an epsilon-deviation degree method based on the left area and the right area of a fuzzy number, and the concept of the centroid point. The main advantage of the new approach is the development of an innovative index value which can be used to consistently evaluate and rank fuzzy numbers. Numerical examples are presented to illustrate the efficiency and superiority of the proposed method.

Keywords: Ranking fuzzy numbers, Centroid, Deviation degree.

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Authors: Yang Song, Yifan Guo, Edward F. Gehringer

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Fifty years of research has found great potential for peer assessment as a pedagogical approach. With peer assessment, not only do students receive more copious assessments; they also learn to become assessors. In recent decades, more educational peer assessments have been facilitated by online systems. Those online systems are designed differently to suit different class settings and student groups, but they basically fall into two categories: rating-based and ranking-based. The rating-based systems ask assessors to rate the artifacts one by one following some review rubrics. The ranking-based systems allow assessors to review a set of artifacts and give a rank for each of them. Though there are different systems and a large number of users of each category, there is no comprehensive comparison on which design leads to higher reliability. In this paper, we designed algorithms to evaluate assessors' reliabilities based on their rating/ranking against the global ranks of the artifacts they have reviewed. These algorithms are suitable for data from both rating-based and ranking-based peer assessment systems. The experiments were done based on more than 15,000 peer assessments from multiple peer assessment systems. We found that the assessors in ranking-based peer assessments are at least 10% more reliable than the assessors in rating-based peer assessments. Further analysis also demonstrated that the assessors in ranking-based assessments tend to assess the more differentiable artifacts correctly, but there is no such pattern for rating-based assessors.

Keywords: Peer assessment, peer rating, peer ranking, reliability.

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Authors: Nurhakimah Ab. Rahman, Lazim Abdullah

Abstract:

According to fuzzy arithmetic, dual fuzzy polynomials cannot be replaced by fuzzy polynomials. Hence, the concept of ranking method is used to find real roots of dual fuzzy polynomial equations. Therefore, in this study we want to propose an interval type-2 dual fuzzy polynomial equation (IT2 DFPE). Then, the concept of ranking method also is used to find real roots of IT2 DFPE (if exists). We transform IT2 DFPE to system of crisp IT2 DFPE. This transformation performed with ranking method of fuzzy numbers based on three parameters namely value, ambiguity and fuzziness. At the end, we illustrate our approach by two numerical examples.

Keywords: Dual fuzzy polynomial equations, Interval type-2, Ranking method, Value.

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Authors: Jérôme Azé, Mathieu Roche, Yves Kodratoff, Michèle Sebag

Abstract:

Term Extraction, a key data preparation step in Text Mining, extracts the terms, i.e. relevant collocation of words, attached to specific concepts (e.g. genetic-algorithms and decisiontrees are terms associated to the concept “Machine Learning" ). In this paper, the task of extracting interesting collocations is achieved through a supervised learning algorithm, exploiting a few collocations manually labelled as interesting/not interesting. From these examples, the ROGER algorithm learns a numerical function, inducing some ranking on the collocations. This ranking is optimized using genetic algorithms, maximizing the trade-off between the false positive and true positive rates (Area Under the ROC curve). This approach uses a particular representation for the word collocations, namely the vector of values corresponding to the standard statistical interestingness measures attached to this collocation. As this representation is general (over corpora and natural languages), generality tests were performed by experimenting the ranking function learned from an English corpus in Biology, onto a French corpus of Curriculum Vitae, and vice versa, showing a good robustness of the approaches compared to the state-of-the-art Support Vector Machine (SVM).

Keywords: Text-mining, Terminology Extraction, Evolutionary algorithm, ROC Curve.

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Authors: Fateme Ashari-Ghomi, Najme Khorasani, Abbas Nowzari-Dalini

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In this paper, we present two new ranking and unranking algorithms for k-ary trees represented by x-sequences in Gray code order. These algorithms are based on a gray code generation algorithm developed by Ahrabian et al.. In mentioned paper, a recursive backtracking generation algorithm for x-sequences corresponding to k-ary trees in Gray code was presented. This generation algorithm is based on Vajnovszki-s algorithm for generating binary trees in Gray code ordering. Up to our knowledge no ranking and unranking algorithms were given for x-sequences in this ordering. we present ranking and unranking algorithms with O(kn2) time complexity for x-sequences in this Gray code ordering

Keywords: k-ary Tree Generation, Ranking, Unranking, Gray Code.

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Authors: S.H. Nasseri, E. Ardil

Abstract:

Fuzzy linear programming is an application of fuzzy set theory in linear decision making problems and most of these problems are related to linear programming with fuzzy variables. A convenient method for solving these problems is based on using of auxiliary problem. In this paper a new method for solving fuzzy variable linear programming problems directly using linear ranking functions is proposed. This method uses simplex tableau which is used for solving linear programming problems in crisp environment before.

Keywords: Fuzzy variable linear programming, fuzzy number, ranking function, simplex method.

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Authors: Ivan C. Mustakerov, Daniela I. Borissova

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The paper proposes an approach to ranking a set of potential countries to invest taking into account the investor point of view about importance of different economic indicators. For the goal, a ranking algorithm that contributes to rational decision making is proposed. The described algorithm is based on combinatorial optimization modeling and repeated multi-criteria tasks solution. The final result is list of countries ranked in respect of investor preferences about importance of economic indicators for investment attractiveness. Different scenarios are simulated conforming to different investors preferences. A numerical example with real dataset of indicators is solved. The numerical testing shows the applicability of the described algorithm. The proposed approach can be used with any sets of indicators as ranking criteria reflecting different points of view of investors. 

Keywords: Combinatorial optimization modeling, economics investment attractiveness, economics ranking algorithm, multi-criteria problems.

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Authors: C. Ardil

Abstract:

Aircraft supplier selection process, which is considered as a fundamental supply chain problem, is a multi-criteria group decision problem that has a significant impact on the performance of the entire supply chain. In practical situations are frequently incomplete and uncertain information, making it difficult for decision-makers to communicate their opinions on candidates with precise and definite values. To solve the aircraft supplier selection problem in an environment of incomplete and uncertain information, proximity measure method is proposed. It uses determinate fuzzy numbers. The weights of each decision maker are equally predetermined and the entropic criteria weights are calculated using each decision maker's decision matrix. Additionally, determinate fuzzy numbers, it is proposed to use the weighted normalized Minkowski distance function and Hausdorff distance function to determine the ranking order patterns of alternatives. A numerical example for aircraft supplier selection is provided to further demonstrate the applicability, effectiveness, validity and rationality of the proposed method.

Keywords: Aircraft supplier selection, multiple criteria decision making, fuzzy sets, determinate fuzzy sets, intuitionistic fuzzy sets, proximity measure method, Minkowski distance function, Hausdorff distance function, PMM, MCDM

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Authors: A. Brunel, A. Kernevez, F. Leclere, J. Trenteseaux

Abstract:

Today, wine quality is only evaluated by wine experts with their own different personal tastes, even if they may agree on some common features. So producers do not have any unbiased way to independently assess the quality of their products. A tool is here proposed to evaluate wine quality by an objective ranking based upon the variables entering wine elaboration, and analysed through principal component analysis (PCA) method. Actual climatic data are compared by measuring the relative distance between each considered wine, out of which the general ranking is performed.

Keywords: Wine, grape, vine, weather conditions, rating, climate, principal component analysis, metric analysis.

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Authors: Lazim Abdullah, N orhanadiah Zam

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Increasing number of vehicles and lack of awareness among road users may lead to road accidents. However no specific literature was found to rank vehicles involved in accidents based on fuzzy variables of road users. This paper proposes a ranking of four selected motor vehicles involved in road accidents. Human and non-human factors that normally linked with road accidents are considered for ranking. The imprecision or vagueness inherent in the subjective assessment of the experts has led the application of fuzzy sets theory to deal with ranking problems. Data in form of linguistic variables were collected from three authorised personnel of three Malaysian Government agencies. The Multi Criteria Decision Making, fuzzy TOPSIS was applied in computational procedures. From the analysis, it shows that motorcycles vehicles yielded the highest closeness coefficient at 0.6225. A ranking can be drawn using the magnitude of closeness coefficient. It was indicated that the motorcycles recorded the first rank.

Keywords: Road accidents, decision making, closeness coefficient, fuzzy number

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Authors: C. Ardil

Abstract:

In this research, a multidimensional  compromise optimization method is proposed for multidimensional decision making analysis in the development ranking of the Gulf Cooperation Council Countries and Turkey. The proposed approach presents ranking solutions resulting from different multicriteria decision analyses, which yield different ranking orders for the same ranking problem, consisting of a set of alternatives in terms of numerous competing criteria when they are applied with the same numerical data. The multiobjective optimization decision making problem is considered in three sequential steps. In the first step, five different criteria related to the development ranking are gathered from the research field. In the second step, identified evaluation criteria are, objectively, weighted using standard deviation procedure. In the third step, a country selection problem is illustrated with a numerical example as an application of the proposed multidimensional  compromise optimization model. Finally, multidimensional  compromise optimization approach is applied to rank the Gulf Cooperation Council Countries and Turkey. 

Keywords: Standard deviation, performance evaluation, multicriteria decision making, multidimensional compromise optimization, vector normalization, multicriteria decision making, multicriteria analysis, multidimensional decision analysis.

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Authors: Sarah Motiee, Azadeh Nematzadeh, Mehrnoush Shamsfard

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Increasing growth of information volume in the internet causes an increasing need to develop new (semi)automatic methods for retrieval of documents and ranking them according to their relevance to the user query. In this paper, after a brief review on ranking models, a new ontology based approach for ranking HTML documents is proposed and evaluated in various circumstances. Our approach is a combination of conceptual, statistical and linguistic methods. This combination reserves the precision of ranking without loosing the speed. Our approach exploits natural language processing techniques to extract phrases from documents and the query and doing stemming on words. Then an ontology based conceptual method will be used to annotate documents and expand the query. To expand a query the spread activation algorithm is improved so that the expansion can be done flexible and in various aspects. The annotated documents and the expanded query will be processed to compute the relevance degree exploiting statistical methods. The outstanding features of our approach are (1) combining conceptual, statistical and linguistic features of documents, (2) expanding the query with its related concepts before comparing to documents, (3) extracting and using both words and phrases to compute relevance degree, (4) improving the spread activation algorithm to do the expansion based on weighted combination of different conceptual relationships and (5) allowing variable document vector dimensions. A ranking system called ORank is developed to implement and test the proposed model. The test results will be included at the end of the paper.

Keywords: Document ranking, Ontology, Spread activation algorithm, Annotation.

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Authors: Marios Poulos, Sozon Papavlasopoulos, V. S. Belesiotis

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In the proposed method for Web page-ranking, a novel theoretic model is introduced and tested by examples of order relationships among IP addresses. Ranking is induced using a convexity feature, which is learned according to these examples using a self-organizing procedure. We consider the problem of selforganizing learning from IP data to be represented by a semi-random convex polygon procedure, in which the vertices correspond to IP addresses. Based on recent developments in our regularization theory for convex polygons and corresponding Euclidean distance based methods for classification, we develop an algorithmic framework for learning ranking functions based on a Computational Geometric Theory. We show that our algorithm is generic, and present experimental results explaining the potential of our approach. In addition, we explain the generality of our approach by showing its possible use as a visualization tool for data obtained from diverse domains, such as Public Administration and Education.

Keywords: Computational Geometry, Education, e-Governance, Semantic Web.

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Authors: Mehrnoush Shamsfard, Azadeh Nematzadeh, Sarah Motiee

Abstract:

Increasing growth of information volume in the internet causes an increasing need to develop new (semi)automatic methods for retrieval of documents and ranking them according to their relevance to the user query. In this paper, after a brief review on ranking models, a new ontology based approach for ranking HTML documents is proposed and evaluated in various circumstances. Our approach is a combination of conceptual, statistical and linguistic methods. This combination reserves the precision of ranking without loosing the speed. Our approach exploits natural language processing techniques for extracting phrases and stemming words. Then an ontology based conceptual method will be used to annotate documents and expand the query. To expand a query the spread activation algorithm is improved so that the expansion can be done in various aspects. The annotated documents and the expanded query will be processed to compute the relevance degree exploiting statistical methods. The outstanding features of our approach are (1) combining conceptual, statistical and linguistic features of documents, (2) expanding the query with its related concepts before comparing to documents, (3) extracting and using both words and phrases to compute relevance degree, (4) improving the spread activation algorithm to do the expansion based on weighted combination of different conceptual relationships and (5) allowing variable document vector dimensions. A ranking system called ORank is developed to implement and test the proposed model. The test results will be included at the end of the paper.

Keywords: Document ranking, Ontology, Spread activation algorithm, Annotation.

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Authors: Kehinde K. Agbele, Kehinde Daniel Aruleba, Eniafe F. Ayetiran

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When using Information Retrieval Systems (IRS), users often present search queries made of ad-hoc keywords. It is then up to the IRS to obtain a precise representation of the user’s information need and the context of the information. This paper investigates optimization of IRS to individual information needs in order of relevance. The study addressed development of algorithms that optimize the ranking of documents retrieved from IRS. This study discusses and describes a Document Ranking Optimization (DROPT) algorithm for information retrieval (IR) in an Internet-based or designated databases environment. Conversely, as the volume of information available online and in designated databases is growing continuously, ranking algorithms can play a major role in the context of search results. In this paper, a DROPT technique for documents retrieved from a corpus is developed with respect to document index keywords and the query vectors. This is based on calculating the weight (

Keywords: Internet ranking,

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Authors: S. Jadid, S. Jalilzadeh

Abstract:

In this paper, an improved technique for contingency ranking using artificial neural network (ANN) is presented. The proposed approach is based on multi-layer perceptrons trained by backpropagation to contingency analysis. Severity indices in dynamic stability assessment are presented. These indices are based on the concept of coherency and three dot products of the system variables. It is well known that some indices work better than others for a particular power system. This paper along with test results using several different systems, demonstrates that combination of indices with ANN provides better ranking than a single index. The presented results are obtained through the use of power system simulation (PSS/E) and MATLAB 6.5 software.

Keywords: composite indices, transient stability, neural network.

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Authors: K. Venkateswari, U. K. Balaji Saravanan, K. Thangaraj, K. V. Deepana

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Image search engines rely on the surrounding textual keywords for the retrieval of images. It is a tedious work for the search engines like Google and Bing to interpret the user’s search intention and to provide the desired results. The recent researches also state that the Google image search engines do not work well on all the images. Consequently, this leads to the emergence of efficient image retrieval technique, which interprets the user’s search intention and shows the desired results. In order to accomplish this task, an efficient image re-ranking framework is required. Sequentially, to provide best image retrieval, the new image re-ranking framework is experimented in this paper. The implemented new image re-ranking framework provides best image retrieval from the image dataset by making use of re-ranking of retrieved images that is based on the user’s desired images. This is experimented in two sections. One is offline section and other is online section. In offline section, the reranking framework studies differently (reference classes or Semantic Spaces) for diverse user query keywords. The semantic signatures get generated by combining the textual and visual features of the images. In the online section, images are re-ranked by comparing the semantic signatures that are obtained from the reference classes with the user specified image query keywords. This re-ranking methodology will increases the retrieval image efficiency and the result will be effective to the user.

Keywords: CBIR, Image Re-ranking, Image Retrieval, Semantic Signature, Semantic Space.

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Authors: Yassine Jadi, Lin Jie

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In order to serve the society in an electronic manner, many developing countries have launched tremendous e-government projects. The strategies of development and implementation e-government system have reached different levels, and to ensure consistency of development, the governments need to evaluate e-government performance. The United nation has design e-government development ranking index (EGDI) that rely on three indexes, Online service index (OSI), Telecommunication Infrastructure index (TII), and human capital index( HCI) which are not reflecting the interaction between a government and their citizens. Based on data envelopment analyses (DEA) technique, we are using E-participating index (EPI) as an output of government effort to evaluate the performance of e-government system. Therefore, the ranking index can be achieved in efficiency manner.

Keywords: E-government, DEA, efficiency measurement, EGDI.

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Authors: Gupta Amit, Kumar Ramesh, Tewari P. C.

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Globalization is putting enormous pressure on the business organizations specially manufacturing one to rethink the supply chain in innovative manners. Inventory consumes major portion of total sale revenue. Effective and efficient inventory management plays a vital role for the successful functioning of any organization. Selection of inventory policy is one of the important purchasing activities. This paper focuses on selection and ranking of alternative inventory policies. A deterministic quantitative model based on Distance Based Approach (DBA) method has been developed for evaluation and ranking of inventory policies. We have employed this concept first time for this type of the selection problem. Four inventory policies economic order quantity (EOQ), just in time (JIT), vendor managed inventory (VMI) and monthly policy are considered. Improper selection could affect a company’s competitiveness in terms of the productivity of its facilities and quality of its products. The ranking of inventory policies is a multi-criteria problem. There is a need to first identify the selection criteria and then processes the information with reference to relative importance of attributes for comparison. Criteria values for each inventory policy can be obtained either analytically or by using a simulation technique or they are linguistic subjective judgments defined by fuzzy sets, like, for example, the values of criteria. A methodology is developed and applied to rank the inventory policies.

Keywords: Inventory Policy, Ranking, DBA, Selection criteria.

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