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Optimizing multi-item multi-period inventory control system with discounted cash flow and inflation: Two calibrated meta-heuristic algorithms
, Article Applied Mathematical Modelling ; Volume 37, Issue 4 , 2013 , Pages 2241-2256 ; 0307904X (ISSN) ; Hajipour, V ; Niaki, S. T. A ; Alikar, N ; Sharif University of Technology
2013
Abstract
A mixed binary integer mathematical programming model is developed in this paper for ordering items in multi-item multi-period inventory control systems, in which unit and incremental quantity discounts as well as interest and inflation factors are considered. Although the demand rates are assumed deterministic, they may vary in different periods. The situation considered for the problem at hand is similar to a seasonal inventory control model in which orders and sales happen in a given season. To make the model more realistic, three types of constraints including storage space, budget, and order quantity are simultaneously considered. The goal is to find optimal order quantities of the...