Continuous review inventory model for fuzzy price dependent demand

Abstract

In this paper, a continuous review inventory system has been analysed with an objective to determine an (r, Q) policy which minimises the cost function. The present study considers the demand rate, holding cost and shortage cost are sensitive to imprecise selling price. The proposed model assumes that shortages are allowed and completely backlogged and the lead time is fuzzy in nature. The arithmetical operations of fuzzy total cost are performed under function principle and the manager's k-preference integration representation method is applied to defuzzify the fuzzy total cost. Trapezoidal distribution of fuzzy number is used to work out the shortages. Then the model is solved jointly for (r, Q) policy through generalised reduced gradient (GRG) technique. A rigorous numerical study has been carried out and explained as managerial view point.

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