submitted to
Journal of Computational and Applied Mathematics
Tsu-Pang Hsieh and Chung-Yuan Dye
Abstract
In most of the inventory models in the literature, the deterioration rate of goods is viewed as an exogenous variable, which is not subject to control. In the real market, the firms can reduce the deterioration rate of product by making 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.
Key words: inventory, time-varying demand, deterioration, preservation technology investment, particle swarm optimization
Key words: inventory, time-varying demand, deterioration, preservation technology investment, particle swarm optimization
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