It can be a good alternative to Silver-Meal heuristicand Wagner Whitin dynamic programming based algorithms.
Genetic algorithm (GA) is an optimization technique used to generate high-quality solutions by relying on bio-inspired operators such as mutation, crossover and selection. Notice that inventory has to do with idle resources of economic value lying down unused. GA can be applied in Inventory to: Improve forecast accuracy at inbound or outbound inventory, for better service levels with less inventory, for optimized safety stocks and for time-phased replenishment plans and so on.
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Modestus
The application of GA in inventory depends on the kind of model that is considered by a researcher. It can be used as a standalone algorithm or a surrogate model. In a surrogate model, it is used to fine tune the solution from another algorithm (memetic algorithm). It is possible to have a neural-cum-GA model for inventory prediction.
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