Neutrosophic Inventory Management: A Cost-Effective Approach

Dubey Ankit and Kumar Ranjan ()
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Dubey Ankit: VIT-AP University, Inavolu, Beside AP Secretariat, Amaravati, AP, India
Kumar Ranjan: VIT-AP University, Inavolu, Beside AP Secretariat, Amaravati, AP, India

Economics - The Open-Access, Open-Assessment Journal, 2024, vol. 18, issue 1, 15

Abstract: Classical inventory models (IM) serve as quantitative tools for determining the optimal order quantities, timing of orders, and safety stock levels for specific inventory items or item groups. Zadeh (1965. Fuzzy sets. Information and Control, 8, 338–353) introduced fuzzy theory and Dubois and Parade (1988. Fuzzy logic in expert systems: The role of uncertainty management. Fuzzy Sets and Systems, 28, 3–17) presented the study of fuzzy inventory model, which, however, exhibits limitations in effectively handling uncertainty, inaccuracies, and imprecise data. In 1999, Smarandache presented the idea of neutrosophic set theory to handle uncertainty. Using trapezoidal neutrosophic numbers, this study extends the idea of neutrosophic sets to inventory management, concentrating on resolving the uncertainty associated with holding costs, ordering costs, and shortage costs. First time within the literature of the neutrosophic set, our new method not only addresses existing problems but can also tackle other issues that no other authors have successfully resolved so far. Additionally, we conduct a comparative analysis of our proposed model against existing models in this article. Based on this comparative study, our findings assert the superior performance of our proposed model in relation to some of the existing models. In conclusion, we wrap up our research by presenting graphical, logical, and tabular comparisons with the existing methods.

Keywords: neutrosophic; inventory; fuzzy; holding cost; ordering cost (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:bpj:econoa:v:18:y:2024:i:1:p:15:n:1021

DOI: 10.1515/econ-2022-0101

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