Title: A Weibull distributed deteriorating inventory model with all-unit discount, advance payment and variable demand via different variants of PSO

Authors: Avijit Duary; Tanmoy Banerjee; Ali Akbar Shaikh; Seyed Taghi Akhavan Niaki; Asoke Kumar Bhunia

Addresses: Department of Mathematics, Supreme Knowledge Foundation Group of Institutions, Mankundu, Hooghly, 712139, India ' Department of Mathematics, The University of Burdwan, Burdwan, 713104, India ' Department of Mathematics, The University of Burdwan, Burdwan, 713104, India ' Department of Industrial Engineering, Sharif University of Technology, P.O. Box 11155-9414 Azadi Ave., Tehran 1458889694, Iran ' Department of Mathematics, The University of Burdwan, Burdwan, 713104, India

Abstract: The goal of this research is to formulate an inventory control problem of a single item with variable demand dependent on displayed stock level and selling price of the commodity. The item deteriorates based on a three-parameter Weibull distribution and advance payment is needed to purchase the item with the all-unit discount policy. Shortages are allowed partially and backlogged with the rate dependent on the length of customers' waiting time. The corresponding problem is formulated as a profit maximisation model. For solving this problem, four different variants of particle swarm optimisation (PSO) are utilised. Then, the application of the model is illustrated with the help of a numerical example. Finally, sensitivity analyses are carried out to study the impact of different parameters on optimal policies.

Keywords: inventory; all-unit discount policy; Weibull distribution; variable demand; partial backlogging; particle swarm optimisation; PSO; advance payment.

DOI: 10.1504/IJLSM.2021.118754

International Journal of Logistics Systems and Management, 2021 Vol.40 No.2, pp.145 - 170

Received: 23 Aug 2019
Accepted: 14 Sep 2019
Published online: 04 Nov 2021 *

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