• Varsha

The most common inventory situation faced by manufacturers, retailers, and wholesalers is that stock levels are depleted over time and then are replenished by the arrival of a batch of new units. A simple model representing this situation is the following economic order quantity model or, for short, the EOQ model. (It sometimes is also referred to as the economic lot-size model.) Units of the product under consideration are assumed to be withdrawn from inventory continuously at a known constant rate, denoted by a; that is, the demand is a units per unit time. It is further assumed that inventory is replenished when needed by ordering (through either purchasing or producing) a batch of fixed size (Qunits), where all Q units arrive simultaneously at the desired time. For the basic EOQ model to be presented first, the only costs to be considered are K setup cost for ordering one batch, c unit cost for producing or purchasing each unit, h holding cost per unit per unit of time held in inventory. The objective is to determine when and by how much to replenish inventory so as to minimize the sum of these costs per unit time. We assume continuous review, so that inventory can be replenished whenever the inventory level drops sufficiently low.

Optimization of Bivariate Cost Function arising in Economic Order Quantity problem using Genetic Algorithm and Bacterial Foraging Algorithm

"Optimization of Bivariate Cost Function arising in Economic Order Quantity problem using Genetic Algorithm and Bacterial Foraging Algorithm", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 3, page no.63-67, March-2019, Available :http://www.jetir.org/papers/JETIR1903711.pdf

"Optimization of Bivariate Cost Function arising in Economic Order Quantity problem using Genetic Algorithm and Bacterial Foraging Algorithm", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 3, page no. pp63-67, March-2019, Available at : http://www.jetir.org/papers/JETIR1903711.pdf