Comparison Of Adaptive Particle Swarm Optimization And Firefly Algorithm For Analysing Inventory Cost: Application To Two Warehouse Inventory Model

Abstract

In the past , a lot of study has been investigated in the field of resource management and control. Inventory management and control system is essentially concerned with demand and supply chain concerns. There are essentially various stock levels, such as raw components, finished goods, etc. Maintaining a high amount of inventory for a long period in the premises of a business company is typically not profitable for a business due to high keeping costs and degradation. However, holding a small amount of inventory is also not profitable, as it creates a problem of stock-out during high demand for goods at the point of sale. As a result, proper inventory management is needed to operate the company perfectly from an economic point of view. In the present study ,author has implemented two algorithm in accordance to EOQ inventory model i.e. Adaptive Particle Swarm Optimization(APSO ) and Firefly algorithm. In this research author has done a comparative analysis for examine cost of inventories. In result author has found that APSO gave better performance as compare to Firefly algorithm.