%0 Journal Article
%T Optimization of the Inflationary Inventory Control Model under Stochastic Conditions with Simpson Approximation: Particle Swarm Optimization Approach
%J Interdisciplinary Journal of Management Studies (Formerly known as Iranian Journal of Management Studies)
%I University of Tehran
%Z 2981-0795
%A Orand, Seyed Mostafa
%A Mirzazadeh, Abolfazl
%A Ahmadzadeh, Farzaneh
%A Talebloo, Farid
%D 2015
%\ 04/01/2015
%V 8
%N 2
%P 203-220
%! Optimization of the Inflationary Inventory Control Model under Stochastic Conditions with Simpson Approximation: Particle Swarm Optimization Approach
%K Inflation
%K Inventory systems
%K particle swarm optimization
%K Simpson approximation
%K Stochastic
%R 10.22059/ijms.2015.52631
%X In this study, we considered an inflationary inventory control model under non-deterministic conditions. We assumed the inflation rate as a normal distribution, with any arbitrary probability density function (pdf). The objective function was to minimize the total discount cost of the inventory system. We used two methods to solve this problem. One was the classic numerical approach which turned out to be prohibitively difficult. The other was a proposed combination method which used Simpson approximation and particle swarm optimization (PSO). To illustrate the theoretical results, we have provided numerical examples.
%U https://ijms.ut.ac.ir/article_52631_e0a4192cc80619a9cb1c067ebbbe33fc.pdf