Offsetting Inventory Cycles of Items Sharing Storage using Mixed Integer Programs and Genetic Algorithms

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Murthy et al.(European Journal of Operation Research 2003) developed insights leading to solution of the problem and present a heuristic for offsetting independent and unrestricted ordering cycles for items to minimize their joint storage requirements. However, their study can not find optimal solution due to the heuristic nature of the solution procedure. In this paper, we propose a mixed integer programming to minimize the peak storage space requirement over an infinite time horizon by offsetting inventory cycles of items. We present a genetic algorithm to find the near-optimal solution. The mixed integer model and the genetic algorithm gave better results than Murthy et al.'s algorithm. We develop a mixed integer program for finite time horizon which is more general and realistic situations than the infinite time horizon. We can get the good performance of the genetic algorithm for big size problems.