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A Weibull distributed deteriorating inventory model with all-unit discount, advance payment and variable demand via different variants of PSO

Duary, A ; Sharif University of Technology | 2021

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  1. Type of Document: Article
  2. DOI: 10.1504/IJLSM.2021.118754
  3. Publisher: Inderscience Publishers , 2021
  4. Abstract:
  5. The goal of this research is to formulate an inventory control problem of a single item with variable demand dependent on displayed stock level and selling price of the commodity. The item deteriorates based on a three-parameter Weibull distribution and advance payment is needed to purchase the item with the all-unit discount policy. Shortages are allowed partially and backlogged with the rate dependent on the length of customers' waiting time. The corresponding problem is formulated as a profit maximisation model. For solving this problem, four different variants of particle swarm optimisation (PSO) are utilised. Then, the application of the model is illustrated with the help of a numerical example. Finally, sensitivity analyses are carried out to study the impact of different parameters on optimal policies. © 2021 Inderscience Enterprises Ltd
  6. Keywords:
  7. Advance payment ; All-unit discount policy ; Inventory ; Partial backlogging ; Particle swarm optimisation ; PSO ; Variable demand ; Weibull distribution
  8. Source: International Journal of Logistics Systems and Management ; Volume 40, Issue 2 , 2021 , Pages 145-170 ; 17427967 (ISSN)
  9. URL: https://www.inderscience.com/info/inarticle.php?artid=118754