An application of Genetic Algorithm in solving an inventory model with advance payment and interval valued inventory costs

Authors:
R. K. Gupta;A. K. Bhunia;S. K. Goyal
Affiliations:
Department of Business Administration, North Bengal University, Darjeeling-734 013, India;Department of Mathematics, The University of Burdwan, Burdwan- 713104, India;Department of Decision Sciences and MIS, John Molson School of Business, Concordia University, Montreal, Quebec, Canada, H3G IM8
Venue:
Mathematical and Computer Modelling: An International Journal
Year:
2009

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Abstract

The purpose of this research is to solve the mixed integer constrained optimization problem with interval coefficient by a real-coded genetic algorithm (RCGA) with ranking selection, whole arithmetical crossover and non-uniform mutation for non-integer decision variables. In the ranking selection, as well as in finding the best solution in each generation of RCGA, recently developed modified definitions of order relations between interval numbers with respect to decision-making are used. Also, for integer decision variables, new types of crossover and mutation are introduced. This methodology is applied to solve a finite time horizon inventory model with constant lead-time, uniform demand rate and a discount by paying an amount of money in advance. Moreover, different inventory costs are considered to be interval valued. According to the consumption of items during lead-time and reorder level, two cases may arise. For each case, the mathematical model becomes a constrained nonlinear mixed integer problem with interval objective. Our objective is to determine the optimal number of cycles in the finite time horizon, lot-size in each cycle and optimal profit. The model is illustrated with some numerical examples and sensitivity analysis has been done graphically with the variation of different inventory parameters.