Multi-item fuzzy inventory model for deteriorating items in multi-outlet under single management

Abstract

Multi-item inventory model with stock-dependent demand is developed in fuzzy environment. Items are deteriorated in constant rate and are sold from different outlets in the city under single management. Due to the impreciseness of different parameters, objectives as well as constraints are imprecise in nature. As optimization of fuzzy objectives as well as fuzzy constraints are not well defined, the model is formulated as a multi-objective chance constrained programming problem where optimistic/pessimistic return of the objectives with some degree of possibility/necessity are optimized and constraints are satisfied with some degree of necessity. The model is solved via Multi-Objective Genetic Algorithm (MOGA) when crisp equivalent of the problem is available. In other cases, fuzzy simulation process is proposed to check the constraints as well as to determine the optimistic/pessimistic return of the objectives. The model is illustrated with some numerical examples.

Keywords:

• possibility
• necessity
• fuzzy simulation
• MOGA
• inventory

Acknowledgements

The author expresses heartfelt thanks and gratitude to the Editor and anonymous reviewers for their valuable comments and suggestions which helped immensely to improving the research paper.

Disclosure statement

No potential conflict of interest was reported by the author.

Additional information

Funding

This research paper was supported by the University Grant Commission (UGC), New Delhi, India under the research grant [grant number PSW-132/14-15(ERO)].