ANALYSIS OF OPTIMIZATION TECHNIQUES IN INVENTORY AND SUPPLY CHAIN MANAGEMENT FOR MANUFACTURING SECTORS

Abstract

Regulation and control of inventories are one of the most significant areas of supply chain control. In real-life circumstances, it becomes more and more relevant for businesses. Problems with the inventory are popular in production, remanufacturing, repair and company processes, and many other important applications. An optimization model for the inventory management of distribution undertakings has been developed with the intention of reducing the overall total cost in production method unit time. In this work, we will classify these methods (or models of optimization) into many forms with detailed information that is more useful for inventory researchers to find the right method to solve the EOQ system. Notice that Ford Whitman Harris implemented the method for the first quantity of economic order (EOQ). Many researchers and scientists have so far tried to improve and expand the first version to conform to real-world conditions, especially for manufacturing and supply chain administration. Throughout an imprecise market and manufacturing climate, these attempts created by scholars in the preceding century may be included in the inventory method. Fuzzy set theory / neural network/ artificial neural network has also been effectively combined with EOQ models in the existing set theory. This combination allows process and objective functions more complicated and has a complex structure and involves a strong optimization system. Hence, this article provides complete literature about EOQ and its extensions made by researchers in detail providing several issues, challenges, and future research direction with respect to respective optimization models.