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Solution of Single and Multiobjective Stochastic Inventory Models with Fuzzy Cost Components by Intuitionistic Fuzzy Optimization Technique

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  • S. Banerjee
  • T. K. Roy

Abstract

Paknejad et al.'s model is considered in this paper. Itemwise multiobjective models for both exponential and uniform lead-time demand are taken and the results are compared numerically both in fuzzy optimization and intuitionistic fuzzy optimization techniques. Objective of this paper is to establish that intuitionistic fuzzy optimizaion method is better than usual fuzzy optimization technique as expected annual cost of this inventory model is more minimized in case of intuitionistic fuzzy optimization method. As a single objective stochastic inventory model where the lead-time demand follows normal distribution and with varying defective rate, expected annual cost is also measured. Finally the model considers for fuzzy cost components, which make the model more realistic, and numerical values for uniform, exponential, and normal lead-time demand are compared. Necessary graphical presentations are also given besides numerical illustrations.

Suggested Citation

  • S. Banerjee & T. K. Roy, 2010. "Solution of Single and Multiobjective Stochastic Inventory Models with Fuzzy Cost Components by Intuitionistic Fuzzy Optimization Technique," Advances in Operations Research, Hindawi, vol. 2010, pages 1-19, June.
    • Handle: RePEc:hin:jnlaor:765278
    DOI: 10.1155/2010/765278
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    Cited by:

    1. Irfan Ali & Srikant Gupta & Aquil Ahmed, 2019. "Multi-objective linear fractional inventory problem under intuitionistic fuzzy environment," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 10(2), pages 173-189, April.
    2. Minakshi Panda & Anuradha Sahoo, 2023. "Novel Methods for Solving Multi-Objective Non-linear Inventory Model of Highly Deteriorating Items," SN Operations Research Forum, Springer, vol. 4(3), pages 1-22, September.

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