A two warehouse inventory model for a deteriorating item with partially/fully backlogged shortage and fuzzy lead time
AbstractAn optimization inventory policy for a deteriorating item with imprecise lead-time, partially/fully backlogged shortages and price dependent demand is developed under two-warehouse system. For display and storage, the retailer hires one warehouse of finite capacity at market place, treated as own warehouse (OW) and another warehouse of large capacity as it may be required at a distance place from the market, treated as rented warehouse (RW). Holding cost at RW decreases with the increase of distance from the market place. Units are transferred from RW to OW in bulk release pattern and sold from OW. Using the nearest interval approximation method the estimated fuzzy average profit function is defuzzified and transformed to multiple crisp objective functions which are solved by Global Criteria Method. The models are illustrated numerically. Sensitivity of the inventory costs on the location of RW has been depicted graphically. Also loss in profit due to deteriorations for both models have been presented.
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Bibliographic InfoArticle provided by Elsevier in its journal European Journal of Operational Research.
Volume (Year): 189 (2008)
Issue (Month): 1 (August)
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Web page: http://www.elsevier.com/locate/eor
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- Bakker, Monique & Riezebos, Jan & Teunter, Ruud H., 2012. "Review of inventory systems with deterioration since 2001," European Journal of Operational Research, Elsevier, vol. 221(2), pages 275-284.
- Panda, S. & Saha, S. & Goyal, S.K., 2013. "Dilemma of rented warehouse and shelf for inventory systems with displayed stock level dependent demand," Economic Modelling, Elsevier, vol. 32(C), pages 452-462.
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