IDEAS home Printed from https://ideas.repec.org/a/bpj/econoa/v18y2024i1p15n1021.html
   My bibliography  Save this article

Neutrosophic Inventory Management: A Cost-Effective Approach

Author

Listed:
  • Dubey Ankit

    (VIT-AP University, Inavolu, Beside AP Secretariat, Amaravati, AP, India)

  • Kumar Ranjan

    (VIT-AP University, Inavolu, Beside AP Secretariat, Amaravati, AP, India)

Abstract

Classical inventory models (IM) serve as quantitative tools for determining the optimal order quantities, timing of orders, and safety stock levels for specific inventory items or item groups. Zadeh (1965. Fuzzy sets. Information and Control, 8, 338–353) introduced fuzzy theory and Dubois and Parade (1988. Fuzzy logic in expert systems: The role of uncertainty management. Fuzzy Sets and Systems, 28, 3–17) presented the study of fuzzy inventory model, which, however, exhibits limitations in effectively handling uncertainty, inaccuracies, and imprecise data. In 1999, Smarandache presented the idea of neutrosophic set theory to handle uncertainty. Using trapezoidal neutrosophic numbers, this study extends the idea of neutrosophic sets to inventory management, concentrating on resolving the uncertainty associated with holding costs, ordering costs, and shortage costs. First time within the literature of the neutrosophic set, our new method not only addresses existing problems but can also tackle other issues that no other authors have successfully resolved so far. Additionally, we conduct a comparative analysis of our proposed model against existing models in this article. Based on this comparative study, our findings assert the superior performance of our proposed model in relation to some of the existing models. In conclusion, we wrap up our research by presenting graphical, logical, and tabular comparisons with the existing methods.

Suggested Citation

  • Dubey Ankit & Kumar Ranjan, 2024. "Neutrosophic Inventory Management: A Cost-Effective Approach," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-15.
  • Handle: RePEc:bpj:econoa:v:18:y:2024:i:1:p:15:n:1021
    DOI: 10.1515/econ-2022-0101
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/econ-2022-0101
    Download Restriction: no

    File URL: https://libkey.io/10.1515/econ-2022-0101?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Irfanullah Khan & Biswajit Sarkar, 2021. "Transfer of Risk in Supply Chain Management with Joint Pricing and Inventory Decision Considering Shortages," Mathematics, MDPI, vol. 9(6), pages 1-20, March.
    2. Mrudul Y. Jani & Heta A. Patel & Amrita Bhadoriya & Urmila Chaudhari & Mohamed Abbas & Malak S. Alqahtani, 2023. "Deterioration Control Decision Support System for the Retailer during Availability of Trade Credit and Shortages," Mathematics, MDPI, vol. 11(3), pages 1-27, January.
    3. Satya Kumar Das, 2022. "A Fuzzy Multi Objective Inventory Model with Production Cost and Set-up-Cost Dependent on Population," Annals of Data Science, Springer, vol. 9(3), pages 627-643, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Khwanchol Kampan & Takuji W. Tsusaka & Anil Kumar Anal, 2022. "Adoption of Blockchain Technology for Enhanced Traceability of Livestock-Based Products," Sustainability, MDPI, vol. 14(20), pages 1-16, October.
    2. Yonit Barron, 2024. "Shortage Policies for a Jump Process with Positive and Negative Batch Arrivals in a Random Environment," Mathematics, MDPI, vol. 12(9), pages 1-30, April.
    3. San-José, Luis A. & Sicilia, Joaquín & Cárdenas-Barrón, Leopoldo Eduardo & González-de-la-Rosa, Manuel, 2024. "A sustainable inventory model for deteriorating items with power demand and full backlogging under a carbon emission tax," International Journal of Production Economics, Elsevier, vol. 268(C).
    4. Nethanel Drezner & Yonit Barron, 2024. "An emergency supply policy for an inventory replenishment model with returns and partial backorders," Annals of Operations Research, Springer, vol. 343(1), pages 175-221, December.
    5. Rui Zhang & Huarong Zhang, 2024. "Can Government Expenditure Improve the Efficiency of Institutional Elderly-Care Service? – Take Wuhan as an Example," Economics - The Open-Access, Open-Assessment Journal, De Gruyter, vol. 18(1), pages 1-15.
    6. Alaa Fouad Momena & Rakibul Haque & Mostafijur Rahaman & Sankar Prasad Mondal, 2023. "A Two-Storage Inventory Model with Trade Credit Policy and Time-Varying Holding Cost under Quantity Discounts," Logistics, MDPI, vol. 7(4), pages 1-25, October.
    7. Fakhrabadi, Mahnaz & Sandal, Leif K., 2023. "A Subgame Perfect Approach to a Multi-Period Stackelberg Game with Dynamic, Price-Dependent, Distributional-Robust Demand," Discussion Papers 2023/4, Norwegian School of Economics, Department of Business and Management Science.
    8. Vitor Anes & António Abreu & Ana Dias & João Calado, 2022. "A Reputational-Risk-Based Match Selection Framework for Collaborative Networks in the Logistics Sector," Sustainability, MDPI, vol. 14(7), pages 1-24, April.
    9. Mittal, Mandeep & Sarkar, Biswajit, 2023. "Stochastic behavior of exchange rate on an international supply chain under random energy price," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 205(C), pages 232-250.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:econoa:v:18:y:2024:i:1:p:15:n:1021. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.