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In this paper, a bi-objective multi-product (r,Q) inventory model in which the inventory level is reviewed continuously is proposed. The aim of this work is to find the optimal value for both order quantity and reorder point through minimizing the total cost and maximizing the service level of the proposed model simultaneously. It is assumed that shortage could occur and unsatisfied demand coul...

Particle Swarm Optimization (PSO) is a swarm intelligence optimization method inspired from birds’ flocking or fish schooling. Many improved versions of PSO are reported in literature, including some by the authors. Original as well as improved versions of PSO have proven their applicability to various fields like science, engineering and industries. Economic dispatch (ED) problem is one of the...

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This paper deals with the problem of determining the optimal retailer’s replenishment decisions for deteriorating items under two levels of trade credit policy within the economic order quantity (EOQ) framework to reflect the supply chain management situation. We investigate the retailer's inventory system as a cost minimization problem to determine the retailer's optimal inventory policy under...

Inventory routing problems arise as simultaneous decisions in inventory and routing optimization. In the present study, vendor managed inventory is proposed as a collaborative model for reverse supply chains and the optimization problem is modeled in terms of an inventory routing problem. The studied reverse supply chains include several return generators and recovery centers and one collection...

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In this paper, an economic production quantity (EPQ) inventory model with interruption in process, scrap and rework is developed and analyzed. The inventory model is for multiple products and all products are manufactured in a unique machine. Obviously, the existence of only one machine results in limited production capacity and shortages. Therefore, shortages are permitted and fully backordere...