A bi-objective inventory optimization model under inflation and discount using tuned Pareto-based algorithms: NSGA-II, NRGA, and MOPSO

- A multi-product multi-period inventory control problem under budget constraint is developed.
- The shortages in combination of backorders and lost sales are considered for each product.
- The ordered quantities of products are delivered in batch sizes of known number of boxes.
- All unit discount policy is considered to purchase the products.
- Three meta-heuristic algorithms i.e. NSGA-II, NRGA and MOPSO are applied to solve the problem.