An inventory model for deteriorating items with inflation induced variable demand under two level partial trade credit : A hybrid ABC-GA approach

Pramanik, Prasenjit; Maiti, Manas Kumar

doi:10.1016/j.engappai.2019.06.013

Cited by 30 publications

(7 citation statements)

References 58 publications

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“…Li, J. and Yang, F. et al [11,12] found that the task assignment problem under the above background is essentially the traveling salesman problem (TSP), which is almost the beginning of path planning-related problems. The vehicle routing problem (VRP) is the core of the current logistics practice, and it is derived from TSP and its variants such as probabilistic TSP and fuzzy TSP.…”

Section: Related Workmentioning

confidence: 99%

Swarm Robots Cooperative and Persistent Distribution Modeling and Optimization Based on the Smart Community Logistics Service Framework

Zhang

Yang

2022

Algorithms

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The high efficiency, flexibility, and low cost of robots provide huge opportunities for the application and development of intelligent logistics. Especially during the COVID-19 pandemic, the non-contact nature of robots effectively helped with preventing the spread of the epidemic. Task allocation and path planning according to actual problems is one of the most important problems faced by robots in intelligent logistics. In the distribution, the robots have the fundamental characteristics of battery capacity limitation, limited load capacity, and load affecting transportation capacity. So, a smart community logistics service framework is proposed based on control system, automatic replenishment platform, network communication method, and coordinated distribution optimization technology, and a Mixed Integer Linear Programming (MILP) model is developed for the collaborative and persistent delivery of a multiple-depot vehicle routing problem with time window (MDVRPTW) of swarm robots. In order to solve this problem, a hybrid algorithm of genetically improved set-based particle swarm optimization (S-GAIPSO) is designed and tested with numerical cases. Experimental results show that, Compared to CPLEX, S-GAIPSO has achieved gaps of 0.157%, 1.097%, and 2.077% on average, respectively, when there are 5, 10, and 20 tasks. S-GAIPSO can obtain the optimal or near-optimal solution in less than 0.35 s, and the required CPU time slowly increases as the scale increases. Thus, it provides utility for real-time use by handling a large-scale problem in a short time.

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Section: Related Workmentioning

confidence: 99%

Swarm Robots Cooperative and Persistent Distribution Modeling and Optimization Based on the Smart Community Logistics Service Framework

Zhang

Yang

2022

Algorithms

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“…In this paper, the ABC algorithm is implemented, tested and used for the continuous optimization problem. For the detail mechanism of ABC algorithm, reader may go through [19,23].…”

Section: Artificial Bee Colony Algorithm(abc)mentioning

confidence: 99%

“…Among different soft computing algorithms, recently Artificial Bee colony (ABC) algorithm draws more attention due to its accuracy of searching the optimal solution with significantly large decimal places. Recently Pramanik and Maiti [23] uses this approach to solve an inventory control problem. Due to this reason here ABC approach is followed to draw marketing decision.…”

Section: Introductionmentioning

confidence: 99%

Credit policy for an inventory model of a deteriorating item having variable demand considering default risk

Mondal¹,

Pramanik²,

JANA³

et al. 2022

Scientia Iranica

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In this study, a supplier-retailer-customer supply chain has been proposed for a deteriorating item with expiration time and dynamic deterioration rate. Here, the supplier adopt full credit policy for the retailer to enhance the retailer's order volume. This facility influences the retailer to provide some partial credit opportunity to the customers to boost the demand. For this credit policy, the retailer always faces a risk due to defaulters, which is termed as default credit risk. The default credit risk is considered in more realistic manner, which depends on the customers' partial credit period and credit amount. The market demand is influenced by customers' credit amount, customers' credit period and retail price of the item. Optimal decision is searched by maximizing the average profit of the system. For the search process, an artificial bee colony algorithm is implemented, tested and used. Illustration of the model is done with some hypothetical examples.

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“…Alikar et al [32] considering both inflation rate and the time value of money in their papers. However, Pal et al [33], and Pramanik and Maiti [34] developed EOQ models by considering only the inflation rate. Recently, because of Covid-19 pandemic, many businesses have been disrupted.…”

Section: Literature Reviewmentioning

confidence: 99%

Joint optimization of pricing, inventory control and preservation technology investment under both quality and quantity deteriorating

Salmasnia

Kohan

2021

Scientia Iranica

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This study presents a model for inventory control of deteriorating product in which both quantity and quality deterioration of the products are considered overtime. In this regard, for maximizing the profit, a new model is developed through two concepts: (1) establishing a decreasing pricing policy that depends on quality in order to prevent the decline in demand and product quality deterioration, and (2) investigating the level of investment in preservation technology as a significant solution in affecting the product deterioration rate. Consequently, it maintains the quality of products and increases their expiration date. In addition, the time value of money and inflation are well noticed in making the calculation of financial flows more accurate. To demonstrate the characteristics of the model, two comparative studies are conducted. The first one emphasizes the increase in the total profit of the inventory system caused by dynamic pricing policy, and another establishes the major impact of paying attention to the time value of money and inflation on making decisions.

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An inventory model for deteriorating items with inflation induced variable demand under two level partial trade credit : A hybrid ABC-GA approach

Cited by 30 publications

References 58 publications

Swarm Robots Cooperative and Persistent Distribution Modeling and Optimization Based on the Smart Community Logistics Service Framework

Swarm Robots Cooperative and Persistent Distribution Modeling and Optimization Based on the Smart Community Logistics Service Framework

Credit policy for an inventory model of a deteriorating item having variable demand considering default risk

Joint optimization of pricing, inventory control and preservation technology investment under both quality and quantity deteriorating

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