Multi-objective linear fractional inventory model of multi-products with price-dependant demand rate in fuzzy environment

Pavan Kumar and Debashis Dutta

International Journal of Mathematics in Operational Research, 2015, vol. 7, issue 5, 547-565

Abstract: In this paper, we propose a multi-criteria decision making approach for the solution of a multi-product inventory model without shortages. The model is considered over infinite horizon with price-dependant demand rate. The proposed model is formulated as a fractional multi-objective optimisation problem along with four constraints: budget constraint, space constraint, number of order constraint, and budgetary constraint on ordering cost of each item. The proposed inventory model becomes a multiple criteria decision making (MCDM) problem in fuzzy environment. This model is solved by multi-objective fuzzy goal programming (MOFGP) approach. Two numerical examples are given to illustrate the proposed model.

Keywords: inventory modelling; membership function; fuzzy goal programming; multi-objective optimisation; fractional programming; multiple products; price-dependant demand; fuzzy logic; multicriteria decision making; MCDM. (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (4)

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