RETRACTED ARTICLE: An innovative framework to forecast the best inventory management system module by hesitant fuzzy VQA-TOPSIS technique for textile industry

Abstract

The textile industry has major attributes to evaluate which is reeling under manifold problems. The utmost issue is the erratic nature of supply and demand. Textile industry has scheduling problems because of its multi-production business like weaving, dyeing, wrap making, and cloth cutting due to the combination of make-to-stock and make-to-order production. These specific characters make the production strategy and planning, and control a difficult task. Another complexity is the distribution of products where certain collections are limited by production time, season, market, and quantities during sales. To meet the complication, a management strategy needs to be employed. Hence, the rationale of the article is to develop and examine the best inventory management system for the textile industry in terms of basic inventory control, barcoding, accounting integration, demand forecasting, lot tracking, and bundled kits. The scope of the inventory system covers measuring the feature change and planning for future uncertain inventory levels. A multi-objective and criteria decision-making (MOACDM) method is implemented by hesitant fuzzy vector quantified attribute-TOPSIS (FHVQAT) to evaluate the best inventory management system. The decision-making matrix is formed, normalized, and multiplied concerning criterion weights. The multi-criteria decision-making (MCDM) method is analyzed, the positive-ideal (PIS) and negative-ideal solutions (NIS) are found, and the distance of each alternative is calculated for obtaining the correct solution. Finally, the good alternatives are positioned dependent on their relative closeness to the perfect arrangement. As a result, we found out the proposed approach is useful and practical to examine the best inventory management system and other fuzzy MCDM problems. The novelty of the hesitant fuzzy VQA-TOPSIS method can be highly useful in large-scale decision-making issues as regularly found within the inventory control system.