Two-warehouse inventory model for non-instantaneous deteriorating items with stock-dependent demand and inflation using particle swarm optimization
Sunil Tiwari (),
Chandra K. Jaggi (),
Asoke Kumar Bhunia (),
Ali Akbar Shaikh () and
Mark Goh ()
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Sunil Tiwari: University of Delhi
Chandra K. Jaggi: University of Delhi
Asoke Kumar Bhunia: The University of Burdwan
Ali Akbar Shaikh: Tecnológico de Monterrey
Mark Goh: National University of Singapore
Annals of Operations Research, 2017, vol. 254, issue 1, 401-423
Abstract We investigate a two-warehouse inventory model for non-instantaneous deteriorating items with partial backlogging and stock-dependent demand under inflationary conditions. Shortages are allowed. The backlogging rate is variable and depends on the waiting time for the next replenishment. This paper seeks to determine an optimal replenishment policy that minimizes the present value of the total cost per unit time. The necessary and sufficient conditions for the existence and uniqueness of the optimal solution are found. The corresponding problems are formulated and solved with particle swarm optimization. Numerical experimentation and post-optimality analysis are conducted.
Keywords: Inventory; Non-instantaneous deterioration; Partial backlogging; Stock-dependent demand; Inflation; Particle swarm optimization; 90B05 (search for similar items in EconPapers)
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