Inventory policy determination in MSMEs using intuitionistic fuzzy sets based on learning aided decision support system

Mahuya Deb and Kandarpa Kumar Sarma

International Journal of Operational Research, 2023, vol. 47, issue 1, 124-141

Abstract: The successful operation of micro, small and medium enterprises (MSME) requires an effective supply chain linking manufacturers and distributors so as to minimise cost, reinvent channel models, and optimise collaborative relationships. In order to overcome the uncertainty present in this chain, inventory management policies are adopted which are crucial for enhancing, smooth production plans, and lower operation costs. Intuitionistic fuzzy (IF) set is considered to be an appropriate tool to model uncertainty in the chain. This paper deals with inventory policies regulated by IFS which would be applicable to the MSMEs. Normalised Euclidean distance method is used to measure the difference between each enterprise and each inventory policy respectively so as to select the best set of inventory management policy suitable for a unit. Further, the work involves the design of a decision support system (DSS) based on learning aided technique which provides an automated approach to the work.

Keywords: micro; small and medium enterprise; MSME; inventory policy; decision support system; DSS; Euclidean distance; triangular intuitionistic fuzzy number; TIFN. (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijores:v:47:y:2023:i:1:p:124-141

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