2017
DOI: 10.2507/ijsimm16(2)5.375
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Optimization via Simulation for Inventory Control Policies and Supplier Selection

Abstract: The need to explicitly select the best review model in inventory control system is greater than ever because managing and controlling inventories are difficult under intense competition. In this study, three important questions are answered in inventory control system: which review model (periodic or continuous) should be used; which objective function of review model should be used to increase competitiveness of the supply chain; how to find the optimal values of initial inventory, reorder point, and order-up… Show more

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Cited by 11 publications
(9 citation statements)
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“…Many real life problems in optimization are too complex to be given tractable mathematical formulations. This difficulty gives rise to a remarkable growth in utilization of OvS methodology as a solution tool not only in academic world but also in practical settings [29][30][31]. The results reveal that OvS methodology is a promising candidate in the solution of challenging real life problems and expected to be well suited to a wide range of application areas.…”
Section: Discussionmentioning
confidence: 99%
“…Many real life problems in optimization are too complex to be given tractable mathematical formulations. This difficulty gives rise to a remarkable growth in utilization of OvS methodology as a solution tool not only in academic world but also in practical settings [29][30][31]. The results reveal that OvS methodology is a promising candidate in the solution of challenging real life problems and expected to be well suited to a wide range of application areas.…”
Section: Discussionmentioning
confidence: 99%
“…In addition to simulation, optimization methods allow researchers to determine the best possible alternatives [29]. Hence, integrating simulation and optimization into the IRP ensures a remarkable solution method.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Such practices include a wide range of operational and strategic activities like buyer-supplier relationship development, supply base leveraging and supplier performance evaluation [27,46]. With the growing need to establish long-term relationships with suppliers, certain issues regarding the adoption of quality management into these practices have been raised [32,15].…”
Section: Liteature Reviewmentioning
confidence: 99%