Inventory models for multi items stock-dependent demand and stock-dependent holding rate with capacity constraint

Widyadana, I Gede Agus and Octavia, Tanti and Handojo, Andreas and HENDRIANTA, EDUARDO (2021) Inventory models for multi items stock-dependent demand and stock-dependent holding rate with capacity constraint. In: IC-AMME & LSCM 2021, 02-10-2021 - 02-10-2021, Surabaya - Indonesia.

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Abstract

Inventory models for stock-dependent demand have been developed continuously in recent years. In this paper, we develop inventory dependent model for multi-items by considering stock-dependent demand and stock-dependent holding rate for a rack that has a specific capacity. Two models are developed. The first model is an individual order quantity for each item and the second model is a joint replenishment model. The non-linear model with constraint is solved using an evolutionary algorithm. A numerical example and sensitivity analysis are conducted to show how the models work and to get some management insights. The sensitivity analysis shows that there is no dominant model. However, the joint replenishment order outperforms the individual order when the rack capacity is tight and there is a high ordering cost

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