Computing (r, Q) policy for an inventory system with limited sharable resource

A bi-objective continuous review inventory control model: Pareto-based meta-heuristic algorithms

“…Tajbakhsh [9] considered a continuous review (r,Q) inventory model with a fill rate service constraint and relaxed the assumption that the distribution of lead time demand is known. Zhao et al [10] studied a multi-item continuous review inventory model with regarding resources' limitation and stochastic demands. Alaghebandha and Hajipour [11] presented a mathematical model for a multi-product continuous review inventory model and considered warehouse spaces, service level, number of shortages and cost of expected shortage limitations and finally used an ICA algorithm to solve the proposed model.…”

Mathematical Model of (R, Q) Inventory Policy under Limited Storage Space for Continuous and Periodic Review Policies with Backlog and Lost Sales

“…In the first category, recent studies include Mandal et al [1], Zhao et al [2], Chou et al [3], Zhao et al [4], Zhong and Zhou [5], Pan et al [6], Ghosh et al [7], Beemsterboer et al [8], and Zhang and Rajaram [9]. Among them, studies that focused on ( , ) policy are Zhao et al [2], Zhao et al [4], and Pan et al [6].…”

“…These studies examined a single product, continuous review ( , ) policy, where demands are stochastic, shortages are backordered, and lead time is assumed to be constant. Among the three studies, only Zhao et al [4] extended the problem to the case of multiple products. Heuristic algorithms were proposed to solve the problem: polynomial time algorithm in Zhao et al [2], genetic algorithm in Pan et al [6], and a solution approach consisting of an iterative part and local search in Zhao et al [4].…”

“…Among the three studies, only Zhao et al [4] extended the problem to the case of multiple products. Heuristic algorithms were proposed to solve the problem: polynomial time algorithm in Zhao et al [2], genetic algorithm in Pan et al [6], and a solution approach consisting of an iterative part and local search in Zhao et al [4]. For this set of problems, since storage space is a hard constraint, this implies that the solution methodology proposed in these studies would attempt to set the inventory parameters to be within the available space, which is not the same as this paper.…”

“…Among them, studies that focused on ( , ) policy are Zhao et al [2], Zhao et al [4], and Pan et al [6]. These studies examined a single product, continuous review ( , ) policy, where demands are stochastic, shortages are backordered, and lead time is assumed to be constant.…”