A fuzzy-stochastic approach to multi-objective inventory model of deteriorating items with various types of demand and time dependent holding cost

A fuzzy-stochastic approach to multi-objective inventory model of deteriorating items with various types of demand and time dependent holding cost

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Article ID: iaor20072713
Country: India
Volume: 43
Issue: 2
Start Page Number: 117
End Page Number: 131
Publication Date: Jun 2006
Journal: OPSEARCH
Authors: ,
Keywords: deteriorating items
Abstract:

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.

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