Crisp and interval inventory models for ameliorating item with Weibull distributed amelioration and deterioration via different variants of quantum behaved particle swarm optimization-based techniques. Issue 6 (2nd November 2019)

• Record Type: Journal Article
• Authors: Mondal, Rajan; Shaikh, Ali Akbar; Bhunia, Asoke Kumar
• Is Part Of: Mathematical and computer modelling of dynamical systems. Volume 25:Issue 6(2019)
• Page Start: 602
• Page End: 626
• Publication Date: 2019-11-02
• Subjects: Inventory -- Ameliorating item -- Weibull distributed amelioration and deterioration -- crisp and interval environments -- quantum behaved particle swarm optimization; Engineering -- Mathematical models -- Periodicals; Computer simulation -- Periodicals; 515.39
• DOI: 10.1080/13873954.2019.1692226
• Languages: English
• ISSNs: 1387-3954

Abstract

ABSTRACT: This paper presents two inventory models for ameliorating items under crisp and interval environments. In these models, three-parameter Weibull distribution is considered to represent both the amelioration and deterioration rates. In crisp, an inventory model is formulated for ameliorating item with fixed values of different inventory parameters. Due to uncertainty, these parameters may not be fixed. In this context, another inventory model with interval valued parameters is developed. Also, demand is dependent on the selling price and advertisement frequency of the product. The corresponding profit maximization problem has been developed. For solving the problem, different variants of quantum behaved particle swarm optimization technique (QPSO) are applied. To validate the proposed models, two numerical examples are considered and solved. The results are compared for different variants of QPSO techniques. Finally, graphical sensitivity analyses are presented to study the impact of several system parameters on cycle length, initial stock level along with average profit for both the models.