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A multi-item periodic review probabilistic fuzzy inventory model with possibility and necessity constraints

Author

Listed:
  • Totan Garai
  • Dipankar Chakraborty
  • Tapan Kumar Roy

Abstract

This paper investigates a multi-item periodic review probabilistic inventory model in fuzzy environment. Here, we have considered a single source of the inventory model with zero lead time and varying order cost under two limitations, such as holding cost and safety stock. By employing the fuzzy expectation and possibility/necessity measure, the fuzzy model is transformed into an equivalent deterministic non-linear programming problem. Finally, the model is illustrated with the help of numerical example and few sensitivity analyses are also presented for different parameter to show the validity of the proposed model.

Suggested Citation

  • Totan Garai & Dipankar Chakraborty & Tapan Kumar Roy, 2016. "A multi-item periodic review probabilistic fuzzy inventory model with possibility and necessity constraints," International Journal of Business Forecasting and Marketing Intelligence, Inderscience Enterprises Ltd, vol. 2(3), pages 175-189.
    • Handle: RePEc:ids:ijbfmi:v:2:y:2016:i:3:p:175-189
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    References listed on IDEAS

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    1. Lee, Yun Shin, 2014. "Management of a periodic-review inventory system using Bayesian model averaging when new marketing efforts are made," International Journal of Production Economics, Elsevier, vol. 158(C), pages 278-289.
    2. Ekrem Erdem & Onur Gozbasi & M. Fatih Ilgun & Saban Nazlioglu, 2010. "Stock market and economic growth nexus in emerging markets: cointegration and causality analysis," International Journal of Business Forecasting and Marketing Intelligence, Inderscience Enterprises Ltd, vol. 1(3/4), pages 262-274.
    3. Maity, K. & Maiti, M., 2007. "Possibility and necessity constraints and their defuzzification--A multi-item production-inventory scenario via optimal control theory," European Journal of Operational Research, Elsevier, vol. 177(2), pages 882-896, March.
    4. 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.
    5. Maiti, Manas Kumar, 2008. "Fuzzy inventory model with two warehouses under possibility measure on fuzzy goal," European Journal of Operational Research, Elsevier, vol. 188(3), pages 746-774, August.
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