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Kyung, Gyouhyung
Interaction & Experience Lab (ixlab)
Research Interests
  • Human Factors Engineering, UX, Ergonomic Product Design & Development

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Optimization of total inventory cost and order fill rate in a supply chain using PSO

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Title
Optimization of total inventory cost and order fill rate in a supply chain using PSO
Author
Park, Kyoung JongKyung, Gyouhyung
Issue Date
2014-02
Publisher
SPRINGER LONDON LTD
Citation
INTERNATIONAL JOURNAL OF ADVANCED MANUFACTURING TECHNOLOGY, v.70, no.9-12, pp.1533 - 1541
Abstract
This paper proposes a method to optimize both the total cost and order fill rates in a supply chain using the particle swarm optimization (PSO) method. This method automatically adjusts the initial inventory levels of all tiers involved in a supply chain by considering information quality level (IQL), which is determined by the degree of availability of lead time history data. Analyses of variance are used to examine if there are any effects of IQL on the total cost and order fill rates. The results show that the proposed method finds better solutions which provide a lower inventory level while maintaining higher order fill rates than when PSO is not applied.
URI
https://scholarworks.unist.ac.kr/handle/201301/3861
DOI
10.1007/s00170-013-5399-6
ISSN
0268-3768
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