Article ID: | iaor20072713 |
Country: | India |
Volume: | 43 |
Issue: | 2 |
Start Page Number: | 117 |
End Page Number: | 131 |
Publication Date: | Jun 2006 |
Journal: | OPSEARCH |
Authors: | Maiti M., Mahapatra N.K. |
Keywords: | deteriorating items |
Here, a multi-item, multi-objective inventory model of deteriorating items with stock and time dependent demands is formulated in fuzzy-stochastic environment with finite time horizon. In this model, it is assumed that setup costs of the items vary directly with the maximum inventory. Also, unit purchase cost is a random parameter represented by Normal distribution and the deterioration rate is imprecise in nature and defined by a trapezoidal fuzzy number. The model is reduced to an equivalent deterministic model using chance constrained and graded mean integration representation techniques. Single objective E- and V-models are solved using generalized reduced gradient technique and multi-objective E-V model is solved by Augmented Fuzzy Max–Min Approach. The models are illustrated mumerically.