Two storage inventory model with fuzzy deterioration over a random planning horizon

Two storage inventory model with fuzzy deterioration over a random planning horizon

0.00 Avg rating0 Votes
Article ID: iaor20083569
Country: Netherlands
Volume: 46
Issue: 11/12
Start Page Number: 1419
End Page Number: 1433
Publication Date: Dec 2007
Journal: Mathematical and Computer Modelling
Authors: , , ,
Keywords: deteriorating items
Abstract:

An inventory model for a deteriorating item with stock dependent demand is developed under two storage facilities over a random planning horizon, which is assumed to follow exponential distribution with known parameter. For crisp deterioration rate, the expected profit is derived and maximized via genetic algorithm (GA). On the other hand, when deterioration rate is imprecise then optimistic/pessimistic equivalent of fuzzy objective function is obtained using possibility/necessity measure of fuzzy event. Fuzzy simulation process is proposed to maximize the optimistic/pessimistic return and finally fuzzy simulation-based GA is developed to solve the model. The models are illustrated with some numerical data. Sensitivity analyses on expected profit function with respect to distribution parameter λ and confidence levels α1 and α2 are also presented.

Reviews

Required fields are marked *. Your email address will not be published.