Multi-item two warehouse inventory model for deteriorating item under partial credit period via contractive mapping genetic algorithm and PSO. Issue 4 (22nd April 2021)

• Record Type: Journal Article
• Authors: Bera, Ashoke Kumar; Jana, Dipak Kumar; Banerjee, Debamalya; Nandy, Titas
• Is Part Of: International journal of logistics systems and management. Volume 38:Issue 4(2021)
• Page Start: 425
• Page End: 458
• Publication Date: 2021-04-22
• Subjects: multi-product -- two warehouse -- stock dependent demand -- deterioration -- permissible delay in payment -- contractive mapping genetic algorithm -- CMGA -- particle swarm optimisation -- PSO; Business logistics -- Periodicals; 658.5005
• Languages: English
• ISSNs: 1742-7967

Abstract

Present study proposes a two warehouse ordering policy for multi-product, deteriorating items when demand is stock and selling price dependent. It is assumed that the supplier offers a full and partial trade credit for a certain fixed period to entice more customers. A retailer has its own warehouse ( OW ) W 1 of finite capacity at the central location in the city and a rented warehouse ( RW ) W 2 of infinite capacity situated just outside the city. Units are continuously transferred from warehouse W 2 to warehouse W 1 and sold from warehouse W 1 . The objective of this work is to maximise the profit for different models by using contractive mapping genetic algorithm (CMGA) and particle swarm optimisation (PSO). The order quantity, selling price and refilling point at the first warehouse are considered as the decision variables to maximise the objective. Mathematical models are formulated by using two heuristic techniques and illustrated with a numerical example.