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Multi-item two warehouse inventory model for deteriorating item under partial credit period via contractive mapping genetic algorithm and PSO

Author

Listed:
  • Ashoke Kumar Bera
  • Dipak Kumar Jana
  • Debamalya Banerjee
  • Titas Nandy

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) W1 of finite capacity at the central location in the city and a rented warehouse (RW) W2 of infinite capacity situated just outside the city. Units are continuously transferred from warehouse W2 to warehouse W1 and sold from warehouse W1. 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.

Suggested Citation

  • Ashoke Kumar Bera & Dipak Kumar Jana & Debamalya Banerjee & Titas Nandy, 2021. "Multi-item two warehouse inventory model for deteriorating item under partial credit period via contractive mapping genetic algorithm and PSO," International Journal of Logistics Systems and Management, Inderscience Enterprises Ltd, vol. 38(4), pages 425-458.
    • Handle: RePEc:ids:ijlsma:v:38:y:2021:i:4:p:425-458
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