Multi-item multi-choice integrated optimisation in inventory transportation problem with stochastic supply

Gurupada Maity and Sankar Kumar Roy

International Journal of Operational Research, 2019, vol. 35, issue 3, 318-339

Abstract: This paper explores the study of multi-item multi-choice transportation problem (TP) in the ground of inventory optimisation. Using the concept of basic inventory optimisation, we develop a methodology for integrated optimisation in inventory transportation (IOIT) to reduce the logistic cost of a system. To accommodate the present situations of real-life TP, the stochastic supply is taken into consideration in the article. We describe a technique to reduce stochastic constraint to deterministic constraint with the help of stochastic programming. An algorithm is presented to solve the proposed problem using MATLAB. Then the proposed problem is solved by well-known optimisation technique; and the obtained solution is compared with the solution of basic inventory optimisation method. An example is presented to verify the effectiveness of the paper.

Keywords: transportation problem; multi-item inventory problem; multi-choice programming; stochastic programming. (search for similar items in EconPapers)
Date: 2019
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