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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
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    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. 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.
    3. 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.
    Full references (including those not matched with items on IDEAS)

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