A fuzzy replenishment policy for deteriorating items with ramp type demand rate under inflation (Q840604)

Summary: Normally, the real-world inventory control problems are imprecisely defined and human interventions are often required to solve these decision-making problems. In this paper, a realistic inventory model with imprecise inventory costs is formulated for deteriorating items under inflation. Shortages are allowed and the demand rate is taken as a ramp type function of time as well. For generality, we not only provide the solution for the inventory system where the inventory starts with no shortages, we also name two possible shortage models in the fuzzy sense. Fuzzy multi-objective mathematical programming with triangular fuzzy number is introduced and applied as cost coefficients to the inventory problem. The Pareto optimal solution of this multi-objective mathematical programming is established. A numerical example is provided to illustrate the problem. Finally, sensitivity analysis is carried out to identify the most sensitive parameters in the system.