Paper Information

Journal:   JOURNAL OF OPTIMIZATION IN INDUSTRIAL ENGINEERING (JOURNAL OF INDUSTRIAL ENGINEERING)   SUMMER 2014 , Volume 8 , Number 2 (15); Page(s) 37 To 45.
 
Paper: 

A BI-OBJECTIVE OPTIMIZATION FOR VENDOR MANAGED INVENTORY MODEL

 
 
Author(s):  NIKNAMFAR AMIR HOSSEIN*, PASANDIDEH SEYED HAMID REZA
 
* FACULTY OF INDUSTRIAL AND MECHANICAL ENGINEERING, QAZVIN BRANCH, ISLAMIC AZAD UNIVERSITY, QAZVIN, IRAN
 
Abstract: 

Vendor managed inventory is a continuous replenishment program that is designed to provide major cost saving benefits for both vendors and retailers. Previous research on this area mainly included single objective optimization models where the objective is to minimize the total supply chain costs or to maximize the total supply chain benefits. This paper presents a bi-objective mathematical model for single manufacture multi-retailer with multi-product in order to maximize their benefits. It is assumed that demand is a decreasing and convex function of the retail price. In this paper, common replenishment cycle is considered for the manufacturer and its retailers. Then, the proposed model converts to the single-objective optimization problem using a weighted sum method. A genetic algorithm (GA) is applied to solve it and response surface methodology is employed to tune the GA parameters. Finally, several numerical examples are investigated to demonstrate the applicability of the proposed model and solution approach.

 
Keyword(s): BI-OBJECTIVE OPTIMIZATION, VENDOR MANAGED INVENTORY, GENETIC ALGORITHM
 
References: 
 
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