Solving Robust EOQ Model Using Genetic Algorithm
We consider a (worst-case) robust optimization version of the Economic Order Quantity (EOQ) model. Order setup costs and inventory carrying costs are assumed to have uncertainty in their val-ues, and the uncertainty description of the two parameters is supposed to be given by an ellipsoidal represen...
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| Published in | Management science & financial engineering Vol. 13; no. 1; pp. 35 - 53 |
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| Main Author | |
| Format | Journal Article |
| Language | English |
| Published |
Seoul
한국경영과학회
01.05.2007
KORMS |
| Subjects | |
| Online Access | Get full text |
| ISSN | 2287-2043 2287-2361 |
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| Abstract | We consider a (worst-case) robust optimization version of the Economic Order Quantity (EOQ) model. Order setup costs and inventory carrying costs are assumed to have uncertainty in their val-ues, and the uncertainty description of the two parameters is supposed to be given by an ellipsoidal representation. A genetic algorithm combined with Monte Carlo simulation is proposed to approxi-mate the ellipsoidal representation. The objective function of the model under ellipsoidal uncertainty description is derived, and the resulting problem is solved by another genetic algorithm. Computa-tional test results are presented to show the performance of the proposed method. KCI Citation Count: 1 |
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| AbstractList | We consider a (worst-case) robust optimization version of the Economic Order Quantity (EOQ) model. Order setup costs and inventory carrying costs are assumed to have uncertainty in their val-ues, and the uncertainty description of the two parameters is supposed to be given by an ellipsoidal representation. A genetic algorithm combined with Monte Carlo simulation is proposed to approxi-mate the ellipsoidal representation. The objective function of the model under ellipsoidal uncertainty description is derived, and the resulting problem is solved by another genetic algorithm. Computa-tional test results are presented to show the performance of the proposed method. KCI Citation Count: 1 |
| Author | Sungmook Lim |
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| Keywords | Uncertainty EOQ Model Monte Carlo Simulation Robust Optimization Genetic Algorithm |
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| Title | Solving Robust EOQ Model Using Genetic Algorithm |
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