Approximating Tradeoff Surfaces for Inventory Control through Evolutionary Multi-Objective Optimization
The optimal tradeoff surface in inventory control is useful in quantifying exactly what the firm must pay in terms of workload and investment to meet the customer service objective. Insight from the oldest inventory model, economic order quantity (EOQ), reveals that efficiency-service tradeoff should be recast into a multi-objective context In this paper, a nonredundant triobjective inventory control model and corresponding solution approach based on Lagrange method are presented to obtain nondominated control policies achieving tradeoffs among objectives. Evolutionary computation, NSGA-II, is also used to build the optimal tradeoff surface under stochastic demand. Results show that NSGA-II is highly competitive with the lengthy successive approximation in terms of accuracy and diversity. It can provide more tradeoff options to the decision makers.
inventory tradeoff surface multiobjective optimization evolutionary method successive approximation.
Ching-Shih Tsou Jyun-Hao Chen Chin-Hsiung Hsu Ching-Chiang Yeh
Institute of Information Science and Management National Taipei College of Business Taipei, Taiwan Department of Financial Engineering and Actuarial Mathematics Soochow University Taipei, Taiwan Department of Business Administration National Taipei College of Business Taipei, Taiwan
国际会议
成都
英文
652-655
2010-07-09（万方平台首次上网日期，不代表论文的发表时间）