The joint replenishment problem (JRP) is a multi-item inventory problem. The objective is to develop inventory policies that minimize the total costs (comprised of holding cost and setup cost) over the planning horizon. In this paper, we look at the multi-buyer, multi-item version of the JRP. We propose a new modified genetic algorithm which is very efficient. Tests are conducted on problems from a leading bank in Hong Kong and from the literature.
- Genetic algorithm
- Joint replenishment problem
ASJC Scopus subject areas
- Management Science and Operations Research