An integrated inventory model with fuzzy variables, three-parameter Weibull deterioration and variable holding cost under inflation

Vandana Gupta and S.R. Singh

International Journal of Operational Research, 2013, vol. 18, issue 4, 434-451

Abstract: This paper develops an integrated production inventory model from the perspective of vendor and the buyer. This model assumes a variation rate of deterioration, variable holding cost, inflation, production and demand as a fuzzy variable and multiple deliveries. Two possibilities of variations in the holding cost function that is; retroactive holding cost and incremental holding cost have been used in the model. At first, we define the average inventory cost for the crisp model and then in the fuzzy environment. Extension principle is used to find the membership function of the total fuzzy cost function and centroid method is used to defuzzify the total fuzzy cost. A numerical example including the sensitivity analysis is given to authenticate the results of the production-inventory model.

Keywords: fuzzy demand; fuzzy production; retroactive holding cost; incremental holding cost; inflation; three-parameter Weibull deterioration rate; inventory modelling; fuzzy variables. (search for similar items in EconPapers)
Date: 2013
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