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Multi-objective Inventory Model with Both Stock-Dependent Demand Rate and Holding Cost Rate Under Fuzzy Random Environment

Author

Listed:
  • Totan Garai

    (Silda Chandra Sekhar College, Silda)

  • Dipankar Chakraborty

    (Heritage Institute of Technology)

  • Tapan Kumar Roy

    (Silda Chandra Sekhar College, Silda)

Abstract

In this paper, we investigated a multi-objective inventory model under both stock-dependent demand rate and holding cost rate with fuzzy random coefficients. Chance constrained fuzzy random multi-objective model and a traditional solution procedure based on an interactive fuzzy satisfying method are discussed. In addition, the technique of fuzzy random simulation is applied to deal with general fuzzy random objective functions and fuzzy random constraints which are usually difficult to converted into their crisp equivalents. The purposed of this study is to determine optimal order quantity and inventory level such that the total profit and wastage cost are maximized and minimize for the retailer respectively. Finally, illustrate example is given in order to show the application of the proposed model.

Suggested Citation

  • Totan Garai & Dipankar Chakraborty & Tapan Kumar Roy, 2019. "Multi-objective Inventory Model with Both Stock-Dependent Demand Rate and Holding Cost Rate Under Fuzzy Random Environment," Annals of Data Science, Springer, vol. 6(1), pages 61-81, March.
    • Handle: RePEc:spr:aodasc:v:6:y:2019:i:1:d:10.1007_s40745-018-00186-0
    DOI: 10.1007/s40745-018-00186-0
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    References listed on IDEAS

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    Cited by:

    1. Sujit Kumar De & Kousik Bhattacharya, 2022. "A Pollution Sensitive Marxian Production Inventory Model with Deterioration Under Fuzzy System," Journal of Optimization Theory and Applications, Springer, vol. 192(2), pages 598-627, February.
    2. Wasim Akram Mandal, 2023. "Bipolar Pythagorean Fuzzy Sets and Their Application in Multi-attribute Decision Making Problems," Annals of Data Science, Springer, vol. 10(3), pages 555-587, June.
    3. Satya Kumar Das, 2022. "A Fuzzy Multi Objective Inventory Model with Production Cost and Set-up-Cost Dependent on Population," Annals of Data Science, Springer, vol. 9(3), pages 627-643, June.

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