Two storage inventory model with fuzzy deterioration over a random planning horizon

Authors:
Arindam Roy;Manas Kumar Maiti;Samarjit Kar;Manoranjan Maiti
Affiliations:
Department of Engineering Science, Haldia Institute of Technology, Haldia, Purba-Medinipur, W.B, Pin-721657, India;Department of Mathematics, Mahishadal Raj College, Mahishadal, Purba-Medinipur, W.B, Pin-721628, India;Department of Engineering Science, Haldia Institute of Technology, Haldia, Purba-Medinipur, W.B, Pin-721657, India;Department of Applied Mathematics, Vidyasagar University, Paschim-Medinipur, W.B, Pin-721102, India
Venue:
Mathematical and Computer Modelling: An International Journal
Year:
2007

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Abstract

An inventory model for a deteriorating item with stock dependent demand is developed under two storage facilities over a random planning horizon, which is assumed to follow exponential distribution with known parameter. For crisp deterioration rate, the expected profit is derived and maximized via genetic algorithm (GA). On the other hand, when deterioration rate is imprecise then optimistic/pessimistic equivalent of fuzzy objective function is obtained using possibility/necessity measure of fuzzy event. Fuzzy simulation process is proposed to maximize the optimistic/pessimistic return and finally fuzzy simulation-based GA is developed to solve the model. The models are illustrated with some numerical data. Sensitivity analyses on expected profit function with respect to distribution parameter @l and confidence levels @a"1 and @a"2 are also presented.