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Genetic Algorithm Approach for Inventory and Supply Chain Management: A Review
Abstract
Inventory and supply chain management is a real concern for business community in today's globally competitive scenario. Various inventory models are proposed, significant parameters are analysed and finally optimized by researchers in order to give managers an insight for the different parameters. Mathematical and logical analysis of different inventory and supply chain models helps mangers in overall cost reduction and further higher revenue generation. Members often encounter conflicting interest and unforeseen scenario. So, all this make supply chain very complex and dynamic process. Complex and uncertain nature of inventory and supply chain, many times either it is not feasible to solve the issue with traditional methods or it is not cost effective. Thus many researchers are using artificial intelligence approach for investigation. Genetic algorithm is one among them that works efficiently with complex nature of the inventory and supply chain management. This article provides an up to date review about the role of GA in overall inventory and supply chain management.
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