S-Space College of Engineering/Engineering Practice School (공과대학/대학원) Dept. of Industrial Engineering (산업공학과) Journal Papers (저널논문_산업공학과)
A genetic algorithm for joint replenishment based on the exact inventory cost
- Hong, Sung-Pil; Kim, Yong-Hyuk
- Issue Date
- Computers & Operations Research 2009;36:167-175
- Inventory control; Multi-item; Joint replenishment problem; Approximation; Genetic algorithm
- Given the order cycles of items in joint replenishment, no closed-form formula or efficient method is known to compute the exact
inventory cost. Previous studies avoid the difficulty by restricting the replenishment policy to the cases where the order cycle of each
item is a multiple of the cycle of the most frequently ordered item. This simplifies the computation but may entail sub-optimality
of a solution. To cope with this, we devise an unbiased estimator of the exact cost which is computable in time polynomial of the
problem input size and 1/ , where is a pre-specified relative error of estimation.We then develop a genetic algorithm based on this
new cost evaluation, report the experimental results in comparison to the “RAND” [Kaspi M, Rosenblatt MJ. An improvement of
Silver’s algorithm for the joint replenishment problem. IIE Transactions 1983; 15: 264–9] which has been known as a state-of-the-art
method for joint replenishment, and discuss their implications.
- Files in This Item: There are no files associated with this item.