ANALYSIS & COMPARISION OF INVENTORY COST BY GENETIC ALGORITHM, INVERTED METHOD AND FITNESS FUNCTION

Inventory is the list of movable items which are required for manufacturing the product or assembly the system to maintain the plant. Inventory is directly related with the manufacturing cost. Inventory control refers to making the desired item of required quality and in required quantity. In this paper we are going to optimize inventory cost in Bharat Pumps & Compressor Limited Naini, Allahabad by visiting there and selecting seven inventory which is highly used. Here I have taken seven raw material and try to find their exact reorder point by considering some item holding and some item ordering at the same time. Here we proposed Genetic Algorithm approach to find the optimize cost of the inventory used. In Genetic Algorithm we used crossover, mutation and inverted method  to get the cost of item and compare them with the fitness function value. The nearest value of the fitness function will be best value in our analysis. The whole calculation would be performed on Microsoft excel.