Multi-item two warehouse inventory model for deteriorating item under partial credit period via contractive mapping genetic algorithm and PSO

Ashoke Kumar Bera, Dipak Kumar Jana, Debamalya Banerjee and Titas Nandy

International Journal of Logistics Systems and Management, 2021, vol. 38, issue 4, 425-458

Abstract: Present study proposes a two warehouse ordering policy for multi-product, deteriorating items when demand is stock and selling price dependent. It is assumed that the supplier offers a full and partial trade credit for a certain fixed period to entice more customers. A retailer has its own warehouse (OW) W₁ of finite capacity at the central location in the city and a rented warehouse (RW) W₂ of infinite capacity situated just outside the city. Units are continuously transferred from warehouse W₂ to warehouse W₁ and sold from warehouse W₁. The objective of this work is to maximise the profit for different models by using contractive mapping genetic algorithm (CMGA) and particle swarm optimisation (PSO). The order quantity, selling price and refilling point at the first warehouse are considered as the decision variables to maximise the objective. Mathematical models are formulated by using two heuristic techniques and illustrated with a numerical example.

Keywords: multi-product; two warehouse; stock dependent demand; deterioration; permissible delay in payment; contractive mapping genetic algorithm; CMGA; particle swarm optimisation; PSO. (search for similar items in EconPapers)
Date: 2021
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