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Multi-product multi-chance-constraint stochastic inventory control problem with dynamic demand and partial back-ordering: A harmony search algorithm

Taleizadeh, A. A ; Sharif University of Technology

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  1. Type of Document: Article
  2. DOI: 10.1016/j.jmsy.2011.05.006
  3. Abstract:
  4. In this paper, a multiproduct inventory control problem is considered in which the periods between two replenishments of the products are assumed independent random variables, and increasing and decreasing functions are assumed to model the dynamic demands of each product. Furthermore, the quantities of the orders are assumed integer-type, space and budget are constraints, the service-level is a chance-constraint, and that the partial back-ordering policy is taken into account for the shortages. The costs of the problem are holding, purchasing, and shortage. We show the model of this problem is an integer nonlinear programming type and to solve it, a harmony search approach is used. At the end, three numerical examples of different sizes are given to demonstrate the applicability of the proposed methodology in real world inventory control problems, to validate the results obtained, and to compare its performances with the ones of both a genetic and a particle swarm optimization algorithms
  5. Keywords:
  6. Harmony search algorithm ; Multi-product multi-constraint ; Partial back-ordering ; Stochastic replenishment ; Decreasing functions ; Different sizes ; Dynamic demand ; Harmony search ; Harmony search algorithms ; Integer-nonlinear programming ; Inventory control problems ; Multi-products ; Numerical example ; Particle swarm optimization algorithm ; Stochastic inventory ; Learning algorithms ; Stochastic models ; Stochastic systems ; Inventory control
  7. Source: Journal of Manufacturing Systems ; Volume 31, Issue 2 , 2012 , Pages 204-213 ; 02786125 (ISSN)
  8. URL: http://www.sciencedirect.com/science/article/pii/S0278612511000458