INVENTORY OPTIMIZATION IN EFFICIENT SUPPLY CHAIN MANAGEMENT

  • Deepak Vishwakarma, Shivangi Jain, Satya Narayan Patel

Abstract

Optimal inventory control is one of the significant tasks in supply chain management. The optimal inventory control methodologies intend to reduce the supply chain cost by controlling the inventory in an effective manner, such that, the SC members will not be affected by surplus as well as shortage of inventory. In this paper, we propose an efficient approach that effectively utilizes the Genetic Algorithm for optimal inventory control. This paper reports a method based on genetic algorithm to optimise inventory in supply chain management. We focus specifically on determining the most probable excess stock level and shortage level required for inventory optimization in the supply chain so that the total supply chain cost is minimized .We apply our methods on three stage supply chain model studied for optimization. Keywords: Genetic algorithm, optimisation, Inventory management, supply chain.
How to Cite
Deepak Vishwakarma, Shivangi Jain, Satya Narayan Patel. (1). INVENTORY OPTIMIZATION IN EFFICIENT SUPPLY CHAIN MANAGEMENT. ACCENT JOURNAL OF ECONOMICS ECOLOGY & ENGINEERING ISSN: 2456-1037 INTERNATIONAL JOURNAL IF:7.98, ELJIF: 6.194(10/2018), Peer Reviewed and Refereed Journal, UGC APPROVED NO. 48767, 6(12), 15-21. Retrieved from https://ajeee.co.in/index.php/ajeee/article/view/2423