Comparison Of Periodic-Review Inventory Control Policies In A Serial Supply Chain

Nihan Kabadayı and Timur Keskintürk

Alphanumeric Journal, 2015, vol. 3, issue 2, 27-34

Abstract: Supply chain management provides customers with the right product or service at a reasonable price, in the right place, at the right time, and with the best quality possible, thus increasing customer satisfaction. The inventory is held at the multiple sites in a supply chain. Effective and efficient management of inventory in the supply chain process has a significant impact on improving the ultimate customer service provided to the customer. Reducing inventory cost, which is a major part of total supply chain costs, will help provide products or services at a better price. This study aims to compare (R, S) and (R, S, Qmin) inventory control policies in a serial supply chain. We develop a simulation based genetic algorithm (GA) in order to find the optimal numerical "S" value that minimizes the total supply chain cost (TSCC) and compare our results between two methods.

Keywords: Genetic Algorithm; Inventory Management; Simulation-based Genetic Algorithm; Supply Chain Management (search for similar items in EconPapers)
JEL-codes: M11 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:anm:alpnmr:v:3:y:2015:i:2:p:27-34

DOI: 10.17093/aj.2015.3.2.5000148311

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