Abstract: A system and method for optimizing an inventory of rolls used in a rolling mill, the rolling mill having a plurality of rolling equipment each utilizing a predetermined combination of roll stands and roll guides. Each of the roll stands and roll guides utilizes at least one pair of rolls for respectively working and guiding an entry product of a predetermined size into an output product of a selected size. The method and system operates to compile and store data corresponding to individual rolls in the inventory. Operational parameters are defined for the rolling mill to produce the output product. The data corresponding to the individual rolls is iteratively correlated with the operational parameters to create an array of possible roll combinations for each roll stand or roll guide. Optimal family sets of rolls are determined from the array of possible roll combinations for the rolling mill in accordance with the operational parameters.