Economic lot scheduling problem with allowable shortage: A multi-objective approach

Economic lot scheduling problem (ELSP) in a multi-objective approach is surveyed in this study regarding deteriorating items and allowable shortage using extended basic period (EBP) approach under Power-of-Two (PoT) policy. The goal of this research is minimizing number of items stock out throughout each period and cost of such schedule, i.e. setup cost and holding cost including deteriorating factor. Two multi-objective algorithms, i.e., non-dominated sorting genetic algorithm (NSGAII) and non-dominated ranking genetic algorithms (NRGA) is employed to approach this goal. Computational experiments demonstrate that these meta-heuristic multi-objective algorithms can solve such a problem with satisfactory results.