Abstract
The interest in the problems related to optimal inventory management at a scientific level goes back to the start of the 20th century. The inventory is a necessary feature to control and to forecast the level of future demand. Inventory control techniques are very important components and most organizations can substantially reduce their costs. This paper presents the firefly algorithm (FFA) for modelling the inventory control in a production system. The aim of this research is fine-tuning of parameters in FFA in inventory management in order to minimize production cost according to the price of items and inventory keeping cost. The experimental results demonstrate that it is possible to select values of FFA parameters that significantly reduce production cost.
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This research (paper) has been supported by the Ministry of Education, Science and Technological Development through project no. 451-03-68/2022-14/ 200156 “Innovative scientific and artistic research from the FTS (activity) domain”.
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Simić, D., Calvo-Rolle, J.L., Villar, J.R., Ilin, V., Simić, S.D., Simić, S. (2023). Fine-Tuning of Optimisation Parameters in a Firefly Algorithm in Inventory Management. In: García Bringas, P., et al. 17th International Conference on Soft Computing Models in Industrial and Environmental Applications (SOCO 2022). SOCO 2022. Lecture Notes in Networks and Systems, vol 531. Springer, Cham. https://doi.org/10.1007/978-3-031-18050-7_63
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