A fuzzy inventory model with three parameter Weibull deterioration with reliant holding cost and demand incorporating reliability

Ghanshaym Singha Mahapatra · Sudip Adak · Kolla Kaladhar

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Supply Chain and Inventory Management Optimization and Mathematical Programming Fuzzy Systems and Optimization

Abstract

This paper develops a fuzzy inventory model having price, stock, reliability and advertisement dependent demand with fuzzy holding cost varying on time and reliability. We also develop the inventory model for deteriorating items with three parameter weibull distribution pattern. Inflation has the reverse effect on the time value of money, so we consider the effect of inflation when there is shortage in the stock. The model also allows condition of permissible delay in payment. The credit period is less than or equal and greater than to the cycle time for settling the account which are the two cases for payment. The optimum solution of the inventory model are evaluated under crisp and fuzzy environments. We have used symmetric triangular fuzzy parameters for the proposed inventory model, and to defuzzify for the solution we use total λ -integral value. The model is illustrated with the help of numerical examples, and further sensitivity analysis of the decision variables has been done to examine the effect of changes in the values of the parameters on the optimal inventory policy under fuzziness.

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References

1965Fuzzy sets 2005An optimal replenishment policy for non-instantaneous deteriorating items with stock-dependent demand and partial backlogging 1988A Deterministic Inventory System with an Inventory-Level-Dependent Demand Rate 2006A study on an inventory model for non-instantaneous deteriorating items with permissible delay in payments 2004Optimal pricing and ordering policy under permissible delay in payments 2001An inventory model for deteriorating items with partial backlogging and permissible delay in payments 2018Joint pricing and inventory model for deteriorating items with expiration dates and partial backlogging under two-level partial trade credits in supply chain 2017An inventory model under price and stock dependent demand for controllable deterioration rate with shortages and preservation technology investment

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