Two techniques for solving nonlinear decreasing demand inventory system with shortage backorders

Ririn Diar Astanti, The Jin Ai, Hunyh Trung Luong and Hui-Ming Wee

International Journal of Operational Research, 2018, vol. 31, issue 2, 198-223

Abstract: This paper considers an inventory model with nonlinear decreasing demand and shortage backorders. Two techniques are proposed to solve the problem. The first heuristic technique is based on cost reduction concept and the second one applies the particle swarm optimisation algorithm. The results from the two proposed techniques for variable replenishment interval policies are compared with those of fixed replenishment interval policy. The computational experiments show that the total cost resulted from variable replenishment interval policy is smaller than the fixed replenishment interval policy, especially when the demand rate is highly nonlinear.

Keywords: inventory policy; nonlinear decreasing demand; particle swarm optimisation; PSO; shortage backorders; fixed replenishment; variable replenishment. (search for similar items in EconPapers)
Date: 2018
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