Metaheuristics and Error Detection Approaches for Multiproduct EOQ-Based Inventory Control Problem

Abstract

Dynamic discrete inventory control models implemented in a spreadsheet can be used as a quite reliable and relatively simple tool for presenting static inventory models with a complex mathematical apparatus. These models can be easily implemented in real systems, e.g. companies. The discretization of the continuous infinite time horizon to more than one finite time period is a more natural manner of describing and analyzing inventory dynamics of real systems. In this manner the continuous time inventory model is interpreted as the discrete time inventory model. The objective of this research is to present a static time continuous multiproduct economic order quantity (EOQ) model with storage space constraints, as a combinatorial optimization problem in the corresponding dynamic discrete time system control process. The heuristics approach used for problem solving is based on examination and comparison of several search algorithms and presented throughout several numerical experiments. Furthermore, this paper describes spreadsheet error detection and debugging approach for the presented model. The approach is based on common and specific constrains of the dynamic discrete inventory control model developed in a spreadsheet environment. Preliminary experiments show the general applicability of the approach.