Investigation of two-warehouse inventory problems in interval environment under inflation via particle swarm optimization

Asoke Kumar Bhunia · Ali Akbar Shaikh

52 citations0/0 files storedMathematical and Computer Modelling of Dynamical Systems

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Supply Chain and Inventory Management Sustainable Supply Chain Management Optimization and Mathematical Programming

Abstract

In this paper, a two-warehouse inventory problem has been investigated under inflation with different deterioration effects in two separate warehouses (rented warehouse, RW, and owned warehouse, OW). The objective of this investigation is to determine the lot-size of the cycle of the two-warehouse inventory system by minimizing the average cost of the system. Considering different inventory policies, the corresponding models have been formulated for linear trend in demand and interval valued cost parameters. In OW, shortages, if any, are allowed and partially backlogged with a variable rate dependent on the duration of the waiting time up to the arrival of the next lot. The corresponding optimization problems have been formulated as non-linear constrained optimization problems with interval parameters. These problems have been solved by an efficient soft computing method, viz. practical swarm optimization. To illustrate the model, a numerical example has been solved with different partially backlogging rates. Then to study the effect of changes of different system parameters on the optimal policy, sensitivity analyses have been carried out graphically by changing one parameter at a time and keeping the others at their original values. Finally, a fruitful conclusion has been reached regarding the selection of an appropriate inventory policy of the two-warehouse system.

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References

1973An EOQ Model for Items with Weibull Distribution Deterioration 1963A model for an exponentially decaying inventory 1975Economic Order Quantities with Inflation 2014Optimal credit period and lot size for deteriorating items with expiration dates under two-level trade credit financing 2003Two-warehouse inventory models for deteriorating items with shortages under inflation 1984On (T, Si) Policy Inventory Model for Deteriorating Items with Time Proportional Demand 1991Effects of inflation and time-value of money on an inventory model with linear time-dependent demand rate and shortages 1977INVENTORY DECISIONS UNDER INFLATIONARY CONDITIONS

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