This paper presents a mixed integer nonlinear programming model to determine the optimal ordering policy for group B items in ABC analysis. We model a multi-product inventory control system using different policies, i...
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This paper presents a mixed integer nonlinear programming model to determine the optimal ordering policy for group B items in ABC analysis. We model a multi-product inventory control system using different policies, including a continuous review policy, a periodic review policy, and a base stock policy. Also, limitations on the shortage, service level, and storage space have been considered in the model to match the actual world conditions. Three meta-heuristic algorithms named differential evolution, swarmrobotics, and imperialist competitive were used to find a solution that minimizes the system's total cost. The results showed that the differential evolution works better than other algorithms. In addition, the base stock policy is the optimal policy for ordering group B items.
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