Multi-objective optimisation for stochastic inventory model using grey wolf optimiser
by Nguyen Duy Tan; Hwan-Seong Kim; Le Ngoc Bao Long; Duy Anh Nguyen; Sam-Sang You
International Journal of Advanced Operations Management (IJAOM), Vol. 15, No. 3, 2023

Abstract: This paper presents a multi-item and multi-period inventory management model to optimise inventory costs and storage space under budget constraints. To minimise the total inventory costs and the storage space, the framework of an integer nonlinear programming model is presented based on random demands. In addition, a multi-objective grey wolf optimisation (MOGWO) approach is employed to realise the optimal inventory management system. The effectiveness of solutions from MOGWO is also verified using numerical examples based on four different scenarios. Unlike previous approaches in inventory management that only consider a single-objective optimisation problem, this approach aims to optimise inventory costs and storage space utilisation simultaneously. The supply chain performance can be significantly enhanced through visibility. With excellent decision-making schemes powered by optimisation algorithms, inventory management software can react to an ever-fluctuating production flow and anticipate the need for changes in a firm's policies.

Online publication date: Fri, 05-Jan-2024

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