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Optimizing multiproduct multiconstraint inventory control systems with stochastic period length and emergency order

Taleizadeh, A. A ; Sharif University of Technology | 2013

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  1. Type of Document: Article
  2. Publisher: 2013
  3. Abstract:
  4. While the usual assumptions in multiperiodic inventory control problems are that the orders are placed either at the beginning of each period (periodic review) or depending on the inventory level they can happen at any time (continuous review), in this paper we assume the periods between two replenishments of several products are identical and independent random variables. For the problem at hand, the order quantities (decision variables) are of integertype and there are two kinds of space and service level constraints for each product. A model of the problem is first developed in which a combination of backorder and emergency orders is considered for the shortages, and the costs are shortage, holding, purchasing, and transportation. Then, we show the model is of an integer-nonlinearprogramming type and to solve it, two meta-heuristic algorithms of genetic algorithm and simulated annealing are employed. At the end, a numerical example is given to demonstrate the applicability of the proposed methodology
  5. Keywords:
  6. Genetic algorithm ; Integer nonlinear programming ; Inventory control ; Partial back-ordering ; Simulated annealing ; Stochastic replenishment
  7. Source: Journal of Uncertain Systems ; Volume 7, Issue 1 , 2013 , Pages 58-71 ; 17528909 (ISSN)
  8. URL: http://www.worldacademicunion.com/journal/jus/jusVol07No1paper06.pdf