A fuzzy replenishment policy for deteriorating items with ramp type demand rate under inflation

Abstract

Normally, the real-world inventory control problems are imprecisely defined and human interventions are often required to solve these decision-making problems. In this paper, a realistic inventory model with imprecise inventory costs have been formulated for deteriorating items under inflation. Shortages are allowed and the demand rate is taken as a ramp type function of time as well. For generality, we not only provide the solution for the inventory system, where the inventory starts with no shortages; but also enumerate two possible shortage models in the fuzzy sense. We have introduced fuzzy multi-objective mathematical programming with the triangular fuzzy number and it is applied as cost coefficients to the inventory problem. Pareto optimal solution of this multi-objective mathematical programming is established. Numerical example has been provided to illustrate the problem. Finally, sensitivity analysis is carried out to identify the most sensitive parameters in the system.

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