An application of PSO in a two-warehouse inventory model for deteriorating item under permissible delay in payment with different inventory policies
A.K. Bhunia and
Ali Akbar Shaikh
Applied Mathematics and Computation, 2015, vol. 256, issue C, 831-850
Abstract:
This paper deals with an alternative approach for a two-warehouse inventory model for single deteriorating item considering allowable delay in payments with two separate warehouses having different preserving facilities. Partially backlogged shortages are allowed with a rate dependent on the duration of waiting time up to the arrival of next lot. Here, two different types of inventory policies, viz. inventory follows shortage (IFS) and shortage follows inventory (SFI) have been considered. To formulate the model, different realistic scenarios and sub scenarios in each policy have been investigated. The corresponding problems have been formulated as non-linear constrained optimization problems and solved by different versions of PSO algorithm. Then, to illustrate the model as well as to test the performance of the PSO algorithm, four numerical examples have been solved and the computational results have been compared. Finally, to study the effect of changes of different parameters, sensitivity analyses have been carried out by changing one parameter at a time and keeping the others at their original values.
Keywords: Inventory model; Two warehouse; Deterioration; Variable demand; Permissible delay in payment; Particle swarm optimization (search for similar items in EconPapers)
Date: 2015
References: Add references at CitEc
Citations: View citations in EconPapers (9)
Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0096300314017986
Full text for ScienceDirect subscribers only
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:eee:apmaco:v:256:y:2015:i:c:p:831-850
DOI: 10.1016/j.amc.2014.12.137
Access Statistics for this article
Applied Mathematics and Computation is currently edited by Theodore Simos
More articles in Applied Mathematics and Computation from Elsevier
Bibliographic data for series maintained by Catherine Liu (repec@elsevier.com).