The Importance Of Inventory Management

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Generally, most of the inventory costs are not always fixed due to uncertainty of competitive market. In the existing literature, it is found that several researchers have worked on uncertainty considering inventory parameters as fuzzy valued. In this work, we have represented the inventory parameters as interval. Using this concept, we have developed a two warehouse inventory model with advanced payment, partial backlogged shortage. Due to uncertainty, this problem cannot be solved by existing direct/indirect optimization technique. For this purpose, different variants of particle swarm optimization technique (viz. PSO-CO, WQPSO and GQPSO) have been developed to solve the problem of the proposed inventory model by using interval…show more content…
Again, Taleizadeh et al. [6] has formulated an inventory model taking jointly price, replenishment frequency, and replenishment cycle and production rate and optimized it. Tsao [7] has made an inventory model which helps for a decision to find joint location, inventory, and preservation facility under delay in payments condition. Shaikh et al. [8] have proposed an economic order quantity model for deteriorating item with preservation technology investment. Shaikh et al.[9] have again explored another inventory model with non-instantaneous deterioration inventory model with price and stock dependent demand for fully backlogged shortages under inflation. Subsequently, Pal [10] has discussed a stochastic production inventory model for deteriorating item with finite life-cycle. Except the earlier mentioned work, many other researchers have also developed the inventory model considering deterioration as a factor. Here we have cited few of them in Table-1. Another factor in inventory management is availability of physical space to store the goods for smooth running the business. In this regard, two warehouse system facilities is in the eye of business organization. In a two warehouse system there are
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