A multi-item periodic review probabilistic fuzzy inventory model with possibility and necessity constraints

Totan Garai, Dipankar Chakraborty and Tapan Kumar Roy

International Journal of Business Forecasting and Marketing Intelligence, 2016, vol. 2, issue 3, 175-189

Abstract: This paper investigates a multi-item periodic review probabilistic inventory model in fuzzy environment. Here, we have considered a single source of the inventory model with zero lead time and varying order cost under two limitations, such as holding cost and safety stock. By employing the fuzzy expectation and possibility/necessity measure, the fuzzy model is transformed into an equivalent deterministic non-linear programming problem. Finally, the model is illustrated with the help of numerical example and few sensitivity analyses are also presented for different parameter to show the validity of the proposed model.

Keywords: possibility constraints; necessity constraints; probabilistic multi-item inventory; order costs; fuzzy cost parameters; fuzzy logic; periodic review; inventory modelling; inventory management; zero lead times; holding cost; safety stock; deterministic nonlinear programming. (search for similar items in EconPapers)
Date: 2016
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