Swarm Intelligence Methods on Inventory Management

Abstract

© 2019, Springer International Publishing AG, part of Springer Nature. Inventory control is the science-based art of controlling the amount of inventory (or stock) held, in various forms. Inventory control techniques are very important components and the most organizations can substantially reduce their costs associated with the flow of materials. This paper presents biological swarm intelligence in general, and in particularly two models: particle swarm optimization and firefly algorithm for modelling on inventory control in production system. The aim of this research is to create models to minimize production cost according to price of items and inventory keeping cost.