Simulation-Optimisation Approach to Stochastic Inventory Control with Perishability

A simulation-based approach to study stochastic inventory-planning games

Non-cooperative decision-making problems in a decentralized supply chain can be characterized and studied using a stochastic game model. In an earlier paper, the authors developed a methodology that uses machine learning for finding (near) optimal policies for non-zero sum stochastic games, and applied their methodology on an N-retailer and W-warehouse inventory-planning problem. The focus of t...

Optimization of the Inflationary Inventory Control Model under Stochastic Conditions with Simpson Approximation: Particle Swarm Optimization Approach

In this study, we considered an inflationary inventory control model under non-deterministic conditions. We assumed the inflation rate as a normal distribution, with any arbitrary probability density function (pdf). The objective function was to minimize the total discount cost of the inventory system. We used two methods to solve this problem. One was the classic numerical approach which turne...

inventory control model with stochastic period lneght and delayed payment

in classic inventory control system, we assume that purchasing cost should be paid at time of delivery. but sometimes in order to encourage retailer to increase his order, postpond payment is provided by supplier as an incentive policy for retailer. in this paper a periodic inventory control model is invetigated in which the period between two consecutive replenishmnet is a random variable. in ...

Stochastic inventory control with partial demand observability

Cooperative coevolution in inventory control optimisation

This paper introduces an extension to Potter and De Jong's 5] work on cooperative coevolutionary GAs (CCGA). We discuss the problem of inventory control and discuss the potential advantages of applying an evolutionary method to this problem. We describe our approach and experimental design for solving the inventory control problem using a CCGA. We also show how the CCGA can be extended and modi...