Inventory Replenishment Policy with Time and Reliability Varying Demand

N.P. Behera¹ , P. K. Tripathy²

1. Department of Statistics, Utkal University, Bhubaneswar, INDIA.
2. Department of Statistics, Utkal University, Bhubaneswar, INDIA.

Correspondence should be addressed to: nalinipbehera@gmail.com.

Section:Research Paper, Product Type: Isroset-Journal
Vol.5 , Issue.2 , pp.1-12, Apr-2018

CrossRef-DOI:   https://doi.org/10.26438/ijsrmss/v5i2.112

Online published on Apr 30, 2018

Copyright © N.P. Behera, P. K. Tripathy . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

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Abstract :
In real life situation, demand may be increase, decrease or constant. But, in our present study demand is assumed to be an increasing function of time which depends on reliability. Shortages are allowed and excess demand is backlogged. The economic production lot size and the reliability of the production process along with the production period are the decision variables and total cost per cycle is the objective function which is to be minimized. Further the parameters involved in the business may likely to be changed due to the fast growing marketing system. Therefore; it will be more realistic and market friendly to deal with a fuzzy model rather than a crisp model. Both crisp and fuzzy models have been proposed to determine the optimal solution. The demand, shortage cost, holding cost and deterioration rate and reliability are considered as pentagonal fuzzy numbers. Defuzzification of the total cost has been carried out by Graded Mean Representation Method and Signed Distance Method. Sensitivity analysis is also incorporated to investigate the effect of different system parameters in enhancing the cost.

Key-Words / Index Term :
Reliability, Pentagonal Fuzzy Number, Graded Mean Representation Method, Signed Distance Method

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