A Fuzzy Inventory Model Without Shortages Using Triangular Fuzzy Number

Abstract

In business and industry it becomes very difficult for a manager to take concrete decision regarding inventory, as the data available to him are not always certain. Because uncertainty arises in demand, set-up resources & capacity constraints of an inventory planning system, it could be more justified to consider these factors in an elastic form. Therefore, with these uncertain data, fuzziness can be applied and the problem of inventory can be controlled. In the present paper, an inventory model without shortage has been considered in a fuzzy environment, by considering real-life data from the LPG store of Banasthali University. Triangular fuzzy numbers have been used to consider the ordering and holding costs. For defuzzification, signed-distance method has been used to compute the optimum order quantity.

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