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Metaheuristic Algorithms Applied to the Inventory Problem

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Recent Metaheuristic Computation Schemes in Engineering

Part of the book series: Studies in Computational Intelligence ((SCI,volume 948))

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Abstract

Almost all industries and businesses make purchases; they usually have more than one possible supplier; in most cases, they have many possible suppliers, since suppliers have different prices, policies, different levels of quality. Making wise decisions may save money, which has an impact on the final price of products, and therefore, on the company’s competitiveness. The problem can be solved using mathematical models to represent the cost of the inventory management, and finally, applying techniques to minimize the cost. Mathematical models of the inventory management problem may be complex and NP-hard, and as a result, evaluating all possible solutions to find the cheapest one may be unfeasible, even with a computer. When that happens, metaheuristic algorithms may be used to find a reasonable solution in a reasonable amount of time. This chapter deals with this topic. This chapter presents an example problem, in order to illustrate the complexity of the inventory management and how a large number of possible solutions may arise, then it solves the problem with traditional and metaheuristic algorithms to demonstrate the advantages of metaheuristic algorithms. Finally, other problems are discussed, and further information about algorithms is provided.

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Authors and Affiliations

  1. CUCEI, Universidad de Guadalajara, Guadalajara, Mexico

    Erik Cuevas & Alma Rodríguez

  2. Facultad de Ingeniería, Universidad Panamericana, Zapopan, Jalisco, Mexico

    Alma Rodríguez, Avelina Alejo-Reyes & Carolina Del-Valle-Soto

  3. Centro de Eneñanza Técnica Industrial, Universidad de Guadalajara, Guadalajara, Mexico

    Alma Rodríguez

Authors
  1. Erik Cuevas
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  2. Alma Rodríguez
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  3. Avelina Alejo-Reyes
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  4. Carolina Del-Valle-Soto
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Correspondence to Erik Cuevas .

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Cuevas, E., Rodríguez, A., Alejo-Reyes, A., Del-Valle-Soto, C. (2021). Metaheuristic Algorithms Applied to the Inventory Problem. In: Recent Metaheuristic Computation Schemes in Engineering. Studies in Computational Intelligence, vol 948. Springer, Cham. https://doi.org/10.1007/978-3-030-66007-9_8

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