A Weibull distributed deteriorating inventory model with all-unit discount, advance payment and variable demand via different variants of PSO Online publication date: Thu, 04-Nov-2021
by Avijit Duary; Tanmoy Banerjee; Ali Akbar Shaikh; Seyed Taghi Akhavan Niaki; Asoke Kumar Bhunia
International Journal of Logistics Systems and Management (IJLSM), Vol. 40, No. 2, 2021
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.
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