Classic inventory models use average cost functions. It is generally accepted that these models should account for the time value of money. They do so not by considering the timing of cash-flows, but by including opportunity costs. The Net Present Value (NPV) framework has long been used to...

While many review articles exist on (deterministic) lot sizing models used in the context of price and quantity discounts, buyer–vendor coordination, supply chain management, and joint economic lot sizing problems, they do not convey the impact of important findings which date back to at least...

Finding good parameter values for meta-heuristics is known as the parameter setting problem. A new parameter tuning strategy, called IPTS, is proposed that is a novel instance-specific method to take the trade-off between solution quality and computational time into consideration. Two important...

Holding costs are traditionally determined from the investment in physical stock during a cycle. An alternative approach instead derives holding costs from Net Present Value (NPV) functions. It is known that applying both frameworks to the same system can lead to different holding cost...

Two main concepts are established in the literature for the Parameter Setting Problem of metaheuristics: Parameter Tuning Strategies (PTS) and Parameter Control Strategies (PCS). While PTS result in a fixed parameter setting for a set of problem instances, PCS are incorporated into the...