Multi-objective Inventory Model with Both Stock-Dependent Demand Rate and Holding Cost Rate Under Fuzzy Random Environment

Totan Garai (), Dipankar Chakraborty () and Tapan Kumar Roy ()
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Totan Garai: Silda Chandra Sekhar College, Silda
Dipankar Chakraborty: Heritage Institute of Technology
Tapan Kumar Roy: Silda Chandra Sekhar College, Silda

Annals of Data Science, 2019, vol. 6, issue 1, No 4, 81 pages

Abstract: Abstract In this paper, we investigated a multi-objective inventory model under both stock-dependent demand rate and holding cost rate with fuzzy random coefficients. Chance constrained fuzzy random multi-objective model and a traditional solution procedure based on an interactive fuzzy satisfying method are discussed. In addition, the technique of fuzzy random simulation is applied to deal with general fuzzy random objective functions and fuzzy random constraints which are usually difficult to converted into their crisp equivalents. The purposed of this study is to determine optimal order quantity and inventory level such that the total profit and wastage cost are maximized and minimize for the retailer respectively. Finally, illustrate example is given in order to show the application of the proposed model.

Keywords: Multi-objective inventory; Stock-dependent demand; Stock-dependent holding cost; Fuzzy random variable; Chance measure (search for similar items in EconPapers)
Date: 2019
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s40745-018-00186-0

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