An Inventory Model for Deteriorating Items with Soft Computing Techniques and Variable Demand
A K Malik1, Yashveer Singh2
1A. K. Malik, Department of Mathematics, B.K. Birla Institute of Engineering &Technology, Pilani, (Rajasthan), India.
2Yashveer Singh, Department of Computer Science, GRD IMT, Dehradun, Uttrakand, India.
Manuscript received on October 09, 2011. | Revised Manuscript received on October 24, 2011. | Manuscript published on November 05, 2011. | PP: 317-321 | Volume-1 Issue-5, November 2011. | Retrieval Number: E0236101511/2011©BEIESP
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© The Authors. Published By: Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Inventory has always been the foundation of conducting business in any organization. Holding and managing of an inventory is essential for efficient and smooth running of any business organization be it a manufacturing industry, an educational institute, a five star hotel, a hospital and a printing press etc. The proper utilization of space is also a critical component in business world, whether one is a manufacturer, retailer or a wholesaler. Business organizations mainly focus on improving the customer services and reduce the inventory costs in such a manner so that profit can be maximum. Our objective in this paper is to provide a general review for the application of soft computing techniques like fuzzy logic and genetic algorithms to use for improve the effectiveness and efficiency for various aspect of inventory management.
Keywords: Inventory Control, Demand, Enterprise Resource Planning (ERP), Soft Computing, Genetic Algorithm, Fuzzy Decision.