A Multi-supplier and Return-Policy Newsboy Model with Limited Budget and Minimum Service Level by Using GA

Authors:
P. C. Yang;H. M. Wee;S. L. Chung;S. H. Kang
Affiliations:
Industrial Engineering and Management Department, St. John's University, Tamsui, Taipei 25135, ROC;Industrial Engineering Department, Chung Yuan Christian University, Chungli, Taiwan, 32023, ROC;Information Management Department, St. John's University, Tamsui, Taipei, 25135, ROC;Industrial Engineering and Management Department, St. John's University, Tamsui, Taipei 25135, ROC
Venue:
MDAI '07 Proceedings of the 4th international conference on Modeling Decisions for Artificial Intelligence
Year:
2007

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Abstract

A style dress outlet usually purchases products from multiple suppliers with differing cost, quality and selling price. It is assumed that some suppliers will sell their goods to the buyer outright, while some other suppliers will offer return policy for items unsold. In the latter case, the supplier buys back from the buyer the unsold items at the end of the selling season. The purpose of this study is to enable the buyer to develop a supplier selection and replenishment policy subject to limited budget. A minimal service level and uncertain market are assumed as well. Genetic algorithm (GA) is used to solve the problem.