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Fuzzy optimal inventory model for pharmaceutical products with a trade-credit scheme under inflation

Author

Listed:
  • Neelanjana Rajput
  • Anand Chauhan
  • R.K. Pandey
  • Neeraj Dhiman

Abstract

The aim of this research is to establish an optimal policy with deteriorating products for chemical/pharmaceutical industries. The demand rate is not always certain in the market, it will vary, change, or unchanged but in the real world, there has uncertainty in demand. Due to the uncertainty, the demand is to be taken as s triangular fuzzy with upper ξ-cut and lower ξ-cut for the demand parameter. Therefore, a fuzzy economic order quantity (FEOQ) model with allowable shortages with inflation under the trade-credit scheme has been developed. In view of the trade-credit period, some cases have been discussed for both vendors and retailers with uncertain conditions. With time, the uncertainties are very common in the demand rate of any pharmaceutical product. In this model, for the optimal solution of the multi-objective problem, the weighted sum technique used in this model, and demonstrate through illustration and sensitivity analysis.

Suggested Citation

  • Neelanjana Rajput & Anand Chauhan & R.K. Pandey & Neeraj Dhiman, 2022. "Fuzzy optimal inventory model for pharmaceutical products with a trade-credit scheme under inflation," International Journal of Process Management and Benchmarking, Inderscience Enterprises Ltd, vol. 12(3), pages 348-366.
    • Handle: RePEc:ids:ijpmbe:v:12:y:2022:i:3:p:348-366
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