![terraria 1.3.4.4 too many items terraria 1.3.4.4 too many items](https://i.imgur.com/TPJCKf5.png)
Harris had suggested a classical inventory model which was later on extended by several research works to incorporate the different practical constraints under different business scenario.
![terraria 1.3.4.4 too many items terraria 1.3.4.4 too many items](https://i.imgur.com/LdYuZHi.png)
Optimized inventory control is the integral part of supply chain management.
![terraria 1.3.4.4 too many items terraria 1.3.4.4 too many items](https://gamescrack.org/wp-content/uploads/2019/02/Terraria_Mods.jpg)
In the present day competitive markets, it is imperative for the organizations to manage their supply chain as efficiently as possible to sustain their market share and improve profitability. But genetic algorithm is far better than the ACO method when compared on the basis of CPU execution time. It is verified that two methods have not shown any significant difference as far as objective function value is considered. The performance of both algorithms is compared using ANOVA analysis with the real time data collected from a valve manufacturing company. The parameters of genetic algorithm model are calibrated using Taguchi method of experiments. Due to lack of benchmark method specified in the literature to assess the performance of the above approach, another metaheuristic based program of genetic algorithm is also employed to solve the problem. The NP-hard mathematical model is solved by adopting a novel ant colony optimization approach. The aim is to find optimum order quantities of the product so that total cost of inventory is minimized. Mathematical model is developed which considers different practical constraints like storage space and budget. This research study focuses on the optimization of multi-item multi-period procurement lot sizing problem for inventory management.