A multi-objective joint replenishment inventory model of deteriorated items in a fuzzy environment

Hui-Ming Wee, Chien-Chung Lo and Ping-Hui Hsu

European Journal of Operational Research, 2009, vol. 197, issue 2, 620-631

Abstract: In this study, a fuzzy multi-objective joint replenishment inventory model of deteriorating items is developed. The model maximizes the profit and return on inventory investment (ROII) under fuzzy demand and shortage cost constraint. We propose a novel inverse weight fuzzy non-linear programming (IWFNLP) to formulate the fuzzy model. A soft computing, differential evolution (DE) with/without migration operation, is proposed to solve the problem. The performances of the proposed fuzzy method and the conventional fuzzy additive goal programming (FAGP) are compared. We show that the solution derived from the IWFNLP method satisfies the decision maker's desirable achievement level of the profit objective, ROII objective and shortage cost constraint goal under the desirable possible level of fuzzy demand. It is an effective decision tool since it can really reflect the relative importance of each fuzzy component.

Keywords: Multiple-objective; programming; Differential; evolution; (DE); Return; on; inventory; investment; (ROII) (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ejores:v:197:y:2009:i:2:p:620-631

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