Journal
JOURNAL OF COMPUTATIONAL AND APPLIED MATHEMATICS
Volume 239, Issue -, Pages 25-36Publisher
ELSEVIER
DOI: 10.1016/j.cam.2012.09.016
Keywords
Inventory; Time-varying demand; Deterioration; Preservation technology investment; Particle swarm optimization
Categories
Funding
- National Science Council of the Republic of China [NSC-100-2221-E-156-002, NSC-100-2221-E-366-006]
Ask authors/readers for more resources
In most of the inventory models in the literature, the rate of deterioration of goods is viewed as an exogenous variable, which is not subject to control. In the real market, firms can reduce the rate of deterioration of products by means of effective capital investment in preservation technology. In this research, we formulate a production-inventory model for deteriorating items with time-varying demand and finite replenishment rate by allowing preservation technology cost as a decision variable in conjunction with production policy. The objective is to find the optimal production and preservation technology investment strategies while minimizing the total cost over the planning horizon. A traditional particle swarm optimization is coded and used to solve the mixed-integer nonlinear programming problem. Some numerical examples are used to illustrate the features of the proposed model. (C) 2012 Elsevier B.V. All rights reserved.
Authors
I am an author on this paper
Click your name to claim this paper and add it to your profile.
Reviews
Recommended
No Data Available