Optimal production integrated inventory model with quadratic demand for deteriorating items under inflation using genetic algorithm. (English) Zbl 1479.90018
Summary: This paper is a production integrated inventory model between manufacturer and retailer with quadratic demand and time dependent deterioration. Paper also considers effect of inflation on total cost. Manufacturer offers lot size dependent ordering cost to boost higher orders as well as it decreases manufacturer’s inventory holding cost significantly. Total cost of model is obtained using both classical optimization technique and genetic algorithm. Results clearly show that GA has succeeded in obtaining global minimum whereas classical method has stuck with local minimum. For using classical optimization technique we have used Maple 18 whereas for genetic algorithm we have used MATLAB R2013a. The optimal solution of this model is illustrated using numerical example. Sensitivity for inflation and other parameters of demand has been carried out to analyse their effect on total cost. This paper will encourage researchers involve in inventory and supply chain management to optimize complex problems using different evolutionary search algorithm in order to reach to global optimum.
MSC:
| 90B05 | Inventory, storage, reservoirs |
| 90C59 | Approximation methods and heuristics in mathematical programming |
Keywords:
integrated inventory; time dependent deterioration; genetic algorithm; lot size dependent ordering cost; time dependent quadratic demand; inflationReferences:
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