A soft computing-based approach to optimise queuing-inventory control problem

Abstract

In this paper, a multi-product continuous review inventory control problem within batch arrival queuing approach (MQr/M/1) is developed to find the optimal quantities of maximum inventory. The objective function is to minimise summation of ordering, holding and shortage costs under warehouse space, service level and expected lost-sales shortage cost constraints from retailer and warehouse viewpoints. Since the proposed model is Non-deterministic Polynomial-time hard, an efficient imperialist competitive algorithm (ICA) is proposed to solve the model. To justify proposed ICA, both ganetic algorithm and simulated annealing algorithm are utilised. In order to determine the best value of algorithm parameters that result in a better solution, a fine-tuning procedure is executed. Finally, the performance of the proposed ICA is analysed using some numerical illustrations.

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