Optimal inventory control of lumpy demand items genetic algorithms

Optimal inventory control of lumpy demand items genetic algorithms

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Article ID: iaor20013188
Country: United States
Volume: 37
Issue: 1/2
Start Page Number: 273
End Page Number: 276
Publication Date: Oct 1999
Journal: Computers & Industrial Engineering
Authors: , ,
Keywords: genetic algorithms
Abstract:

This paper is concerned with the optimal control of inventory items which experience lumpy demands. A mathematical model is developed for the determination of optimal replenishment policies for such items. In order to avoid disrupting the inventory system, a maximum issue quantity of w units is specified such that customer orders with sizes exceeding w units will be filtered out of the inventory system and treated as special orders to be satisfied by placing special replenishment orders to a supplier. Customer orders with sizes less than or equal to w units will be met from stock. A genetic search algorithm is developed to solve the problem. The theoretical results obtained are illustrated with a numerical example.

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