Optimal Decision Model under Mixture Inventory System

P.K. Tripathy¹ , N.K. Sahoo²

Section:Research Paper, Product Type: Isroset-Journal
Vol.5 , Issue.4 , pp.179-191, Aug-2018

CrossRef-DOI:   https://doi.org/10.26438/ijsrmss/v5i4.179191

Online published on Aug 31, 2018

Copyright © P.K. Tripathy, N.K. Sahoo . 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 this paper, the behavior of an inventory model in a production system with Weibull demand and time dependent deterioration is depicted. Holding cost is changed per unit time. Mathematical model of both crisp and fuzzy models have been developed to determine the optimal cycle time and optimal inventory cost. Fuzzy set theory is primarily concerned with imprecision and uncertainty. It provides the decision maker as a mixture inventory system which is used in modeling real-world problems as compared to the classical deterministic and probabilistic mathematical tools. The demand, deterioration rate, holding cost, unit cost and shortage cost are taken mixture and subsequently as pentagonal fuzzy numbers. Both graded mean integration and signed distance method are used to defuzzify the total cost function. Numerical illustrations are provided to illustrate the applications of the model with useful graphs and tables to validate the developed model. Sensitivity analysis is carried out to analyze the variability in the optimal solution with respect to change in various parameters.

Key-Words / Index Term :
EOQ Model, Weibull Demand, Pentagonal Fuzzy Number, Graded Mean Integration, Signed Distance

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