Loading...

A two-echelon single-period inventory control problem with market strategies and customer satisfaction

Pasandideh, S. H. R ; Sharif University of Technology | 2017

320 Viewed
  1. Type of Document: Article
  2. Publisher: World Academic Union , 2017
  3. Abstract:
  4. In this research, a single-period two-echelon inventory control problem with market targeting strategies is considered. In this problem, there are several final products and raw materials with varying usage rates. The objective is to determine the order sizes of final products and raw materials before the selling period such that customers' satisfaction is reached and expected profit is maximized within an available budget. The problem is first mathematically formulated and then a modified particle swarm optimization algorithm is employed to solve the nonlinear programming problem. To validate the results obtained, a simulated annealing algorithm is provided as a benchmark. The parameters of both algorithms are calibrated using a numerical example that is given to demonstrate the application of the developed model and the solution algorithm as well. © 2017 World Academic Press, UK. All rights reserved
  5. Keywords:
  6. Customer satisfaction ; Inventory control ; Market strategy ; Particle swarm optimization ; Simulated annealing ; Single-period
  7. Source: Journal of Uncertain Systems ; Volume 11, Issue 1 , 2017 , Pages 18-34 ; 17528909 (ISSN)
  8. URL: http://www.worldacademicunion.com/journal/jus/jusVol11No1paper02.pdf