Optimal inventory policies of facilities in a supply chain system under fuzzy stochastic environment

D.K. Shaw and D.A. Khan

International Journal of Business Performance and Supply Chain Modelling, 2012, vol. 4, issue 2, 111-125

Abstract: In the present scenario, individual firms do not compete as independent entities rather as an integral part of a supply chain. Uncertainty is the major attribute in managing the supply chains. Accordingly, we develop heuristic methods to determine optimal inventory policies of facilities in a supply chain system under fuzzy stochastic environment. The total cost of the inventory system is computed using defuzzification methods. To determine an optimal policy, a numerical technique is presented and the results are analysed with the help of a numerical example.

Keywords: economic order quantities; fuzzy sets; vendors; customers; optimal policies; inventory policies; fuzzy stochastic environments; facilities; independent entities; integral parts; uncertainty; heuristic methods; facility inventories; total costs; defuzzification methods; business performance; SCM; supply chain management; modelling. (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (1)

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