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ISSN : 1598-7248 (Print)
ISSN : 2234-6473 (Online)
Industrial Engineering & Management Systems Vol.17 No.3 pp.570-587
DOI : https://doi.org/10.7232/iems.2018.17.3.570

A Hybrid Algorithm for Solving Vendors Managed Inventory (VMI) Model with the Goal of Maximizing Inventory Turnover in Producer Warehouse

Ahmad Beklari, Mohsen Shafiei Nikabadi, Hassan Farsijani*, Hassan Farsijani, Ali Mohtashami
Industrial Management Department, Faculty of Economics, Management and Administration Science, Semnan University, Semnan, Iran
Industrial Management Department, Faculty of Management and Accounting, Shahid Beheshti University, Tehran, Iran
Department of Industrial Management, Qazvin Branch, Islamic Azad University, Qazvin, Iran
* Corresponding Author, E-mail: shafiei@profs.semnan.ac.ir

Abstract

The principle of integrity in designing the vendors managed inventory (VMI) models has made these models more complicated. The implementation of these models requires the use of a lot of data from the manufacturer and the suppliers. Therefore, the application of these models in the industry is difficult to do. In this paper, a new model of VMI is proposed. Our objective is to maximize inventory turnover along with the constraint of lack of shortage of goods in the production lines and compliance with the minimum and maximum constraints of inventory in the warehouse of the producer which can be simpler and more practical than minimizing the total cost of the supply chain. For obtaining an optimal solution, a hybrid algorithm based on genetic algorithm (GA) and particle swarm optimization (PSO) has been proposed in order to gain both proper global and local search abilities. Simulation results and performances metrics indicate that the proposed hybrid algorithm outperforms the genetic algorithm (GA) and particle swarm optimization (PSO) and significantly in maximizing the objective function.

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