Robust Inventory System Optimization Based on Simulation and Multiple Criteria Decision Making

Inventory management in retailers is difficult and complex decision making process which is related to the conflict criteria, also existence of cyclic changes and trend in demand is inevitable in many industries. In this paper, simulation modeling is considered as efficient tool for modeling of reta...

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Bibliographic Details
Published in:Modelling and simulation in engineering 2014-01, Vol.2014, p.1-17
Main Authors: Mortazavi, Ahmad, Arshadi khamseh, Alireza
Format: Article
Language:English
Subjects:
Computer simulation
Criteria
Decision making
Inventories
Inventory management
Optimization
Order quantity
Simulation
Stockpiling
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Summary:Inventory management in retailers is difficult and complex decision making process which is related to the conflict criteria, also existence of cyclic changes and trend in demand is inevitable in many industries. In this paper, simulation modeling is considered as efficient tool for modeling of retailer multiproduct inventory system. For simulation model optimization, a novel multicriteria and robust surrogate model is designed based on multiple attribute decision making (MADM) method, design of experiments (DOE), and principal component analysis (PCA). This approach as a main contribution of this paper, provides a framework for robust multiple criteria decision making under uncertainty.
ISSN:1687-5591
1687-5605
DOI:10.1155/2014/305120