Solving the Economic Lot and Inspection Scheduling Problem using the Extended Basic Period approach under Power-of-Two policy

The focus of this study is to solve the Economic Lot and Inspection Scheduling Problem (ELISP) using the Extended Basic Period (EBP) approach under Power-of-Two (PoT) policy. The objective of the ELISP is to determine an optimal cycle time and an optimal production and inspection schedule so as to minimize the total cost per unit time. Under PoT policy, we formulate a mathematical model by taking into account the constraints for both production and inspection capacities. Also, we propose a Hybrid Genetic Algorithm (HGA) which is equipped with a search algorithm that not only seeks to improve solution quality, but also assures a feasible solution for each chromosome obtained from the evolutionary processes. Our numerical experiments show that the proposed HGA effectively solves the ELISP using the EBP approach, and its solutions outperform the solutions from the ELISP using the Common Cycle approach.