An Extensive Study of Multi-level Inventory Lot Sizing Optimization Problem

Abstract

Inventory management is the heart of manufacturing industry because proper inventory management leads to major cut back in the operating costs. Several researchers had focused on this issue because of its importance in cost reductions. Lot of traditional, nontraditional and heuristic algorithms were developed to solve this problem with good solution efficiency and computational effectiveness. In this paper authors are trying to explain about the research in the area of inventory management especially in the Lot sizing of inventory techniques from 1913 to 2018 and different soft computing techniques Like Particle swarm optimization and Harmonic Search were applied to Multi-Level Capacitated Lot sizing problem and they were compared with the different algorithms from the previous literature.