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A fuzzy random continuous review inventory model with a mixture of backorders and lost sales under imprecise chance constraint

Author

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  • Oshmita Dey
  • Bibhas C. Giri
  • Debjani Chakraborty

Abstract

The article investigates a constrained continuous review inventory system with a mixture of backorders and lost sales. The proposed model is developed with the annual customer demand incorporated as a fuzzy random variable. The lead-time is assumed to be constant while the lead-time demand is assumed to be connected to the annual fuzzy random demand through the length of the lead-time. A budget constraint is imposed on the model in the form of an 'imprecise' chance constraint to present a possible way of quantifying fuzzily defined uncertain information of the constraint. A methodology is proposed to determine the optimal order quantity and the reorder point such that the total cost incurred is minimised subject to the constraint. A numerical example is given to illustrate the proposed methodology.

Suggested Citation

  • Oshmita Dey & Bibhas C. Giri & Debjani Chakraborty, 2016. "A fuzzy random continuous review inventory model with a mixture of backorders and lost sales under imprecise chance constraint," International Journal of Operational Research, Inderscience Enterprises Ltd, vol. 26(1), pages 34-51.
    • Handle: RePEc:ids:ijores:v:26:y:2016:i:1:p:34-51
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    Cited by:

    1. Xiaowei Hu & Jaejin Jang & Nabeel Hamoud & Amirsaman Bajgiran, 2021. "Strategic Inventories in a Supply Chain with Downstream Cournot Duopoly," Papers 2109.06995, arXiv.org, revised Jan 2022.

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