Inventory Optimization in Efficient Supply Chain Management
Optimal inventory control is one of the significant tasks in supply chain management. The optimal inventory control methodologies intend to reduce the supply chain cost by controlling the inventory in an effective manner, such that, the SC members will not be affected by surplus as well as shortage of inventory. In this paper, the authors propose an efficient approach that effectively utilizes the Genetic Algorithm for optimal inventory control. This paper reports a method based on genetic algorithm to optimize inventory in supply chain management. They focus specifically on determining the most probable excess stock level and shortage level required for inventory optimization in the supply chain so that the total supply chain cost is minimized.