Open AccessSupplier Selection in Inventory Control Management while Procuring and Utilizing of Material in Construction Projects
Author(s) -
Pritam A Mali,
Raviraj Jadhav,
Kiran K Shinde
Publication year - 2022
Publication title -
international journal of advanced research in science, communication and technology
Language(s) - English
Resource type - Journals
ISSN - 2581-9429
DOI - 10.48175/ijarsct-2484
Subject(s) - procurement , business , inventory control , inventory cost , cost overrun , task (project management) , control (management) , operations management , holding cost , inventory theory , selection (genetic algorithm) , carrying cost , cost estimate , inventory management , operations research , total cost , computer science , risk analysis (engineering) , construction industry , supply chain , marketing , construction engineering , economics , engineering , systems engineering , accounting , artificial intelligence
Inventory represents a huge proportion of the cost of construction. Inventory typically ordered in a week or maybe in the month prior to demand leading to uneconomical inventory on construction site. Construction inventory represents the cost to purchase, cost required to store and insure, cost to protect against theft, & cost incurred when inventory becomes obsolete. Major construction industries are attempting to adopt various business initiatives so as to remain alive incoming marketplace. The evaluation and selection of vendors is a very important task in any industry. For initiating the to adopt the most efficient ways so as to make sure the smooth flow of the execution of the project, thereby avoiding delay and cost overrun of projects. The paper is focusing on the efficient method for supplier selection for inventory and its procurement procedure, to avoid delay in construction projects. Also explained about extra cost spent on the procurement of different construction materials from various vendors, and remedies for the same by using a case study.