A new approach to solve the multi-product multi-period inventory lot sizing with supplier selection problem |
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Affiliation: | 1. School of Economics and Business, Martin Luther University Halle-Wittenberg, Gr. Steinstr. 73, Halle 06108, Germany;2. Department of Business Administration, Christian-Albrechts-University zu Kiel, Wilhelm-Seelig-Platz 1, Kiel 24098, Germany |
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Abstract: | This research work deals with the multi-product multi-period inventory lot sizing with supplier selection problem. Formerly, this kind of problem was formulated and solved using an exhaustive enumeration algorithm and a heuristic algorithm. In this paper, a new algorithm based on a reduce and optimize approach and a new valid inequality is proposed to solve the multi-product multi-period inventory lot sizing with supplier selection problem. Numerical experiments ratify the success of the proposed heuristic algorithm. For the set of 150 benchmark instances, including 75 small-sized instances, 30 medium-sized instances, and 45 large-sized instances, the algorithm always obtained better solutions compared with those previously published. Furthermore, according to the computational results, the developed heuristic algorithm outperforms the CPLEX MIP solver in both solution quality and computational time. |
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Keywords: | Inventory Lot sizing Multi-period Multi-products Supplier selection Mixed integer linear programming Reduced costs Reduce and optimize approach (ROA) |
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