[KSCI] Korea Science Citation Index Service

Multi-Item Inventory Problems Revisited Using Genetic Algorithm

Das, Prasun (SQC & OR Unit, ISI, Kolkata, India)

Publication Information

Management Science and Financial Engineering / v.13, no.2, 2007 , pp. 29-46 More about this Journal

Abstract

This paper makes an attempt to compare the two important methods for finding solutions of multi-item inventory problem with more than one conflicting objectives. Panda et al.[9] discusses a distance-based method to find the best possible compromise solution with variation of priority under the given weight structure. In this paper, the problem in [9] is revisited through the Pareto-optimal front of genetic algorithm with the help of a situation of retail stocking of FMCG business. The advantages of using the solutions from the perspective of the decision maker obtained through multi-objective optimization are highlighted in terms of population search, weighted goals and priority structure, cost, set of compromise solutions along with prevention of stock-out situation.

Keywords

Genetic Algorithm; Multi-objective Optimization; Pareto-optimality; Priority Structure; Stock-out Prevention;

Citations & Related Records

Reference

1	Alptekinoglu, A. and C. S., Tang, "A model for analyzing multi-channel distribution systems," European Journal of Operational Research 163 (2005), 802-824 DOI ScienceOn
2	Charnes, A. and W. W. Cooper, Management Models and Industrial Application of Linear Programming, John Wiley & Sons. Inc. New York (1961)
3	Mondal S. and M. Maiti, "Multi-item fuzzy EOQ models using genetic algorithm," Computers and Industrial Engineering 44 (2002), 105-117
4	Panda, S., S. Senapati, K. Banerjee, and M. Basu, "Determination of EOQ of multi-item inventory problems through nonlinear goal programming," Advanced Modeling and Optimization 7, 2 (2005), 169-176
5	Charnes, A. and B. Collomb, "Optimal economic stabilization policy: linear goal-interval programming models," Socio-Economic Planning Sciences 6, 4 (1972), 431-435 DOI ScienceOn
6	Deb, K., Multi-objective Optimization using Evolutionary Algorithms, John Wiley & Sons Ltd. New York (2001)
7	Basu M., D. Ghosh, and K. Banerjee, "A Solution Procedure For Solving Multiitem Inventory Problem," International Journal of Management and Systems 15, 1 (1997), 53-68
8	Charnes A., W. W. Cooper, J. Harrald, K. Karwan, and W. Wallace, "A goal interval programming model for resource allocation in marine environment protection problem," J. of Envir. Econ. Mgmt. 3 (1976), 347-362 DOI ScienceOn
9	Mitchell, M., An Introduction to Genetic Algorithms, The MIT Press, Cambridge, MA, USA (1998)