Abstract
Nowadays, there is an acute scarcity for showroom space in the important marketplaces such as supermarket, corporation market, etc. in any country due to the presence of foreign and multinational business houses as a result of globalisation. For this reason, two warehouse concepts – one small showroom and the other comparatively large at a nearby place. At present, value of money changes due to the worldwide volatile economic condition. In the above context, a business house is in a fix as to how much to procure against the random demand of a commodity for minimum cost. In this paper, a two-warehouse inventory management policy is presented for stochastic demand with controllable lead time. Three inventory models are presented with and without the change in money value which is taken into account with constant or fuzzy interest rate where impreciseness is of arbitrary nature. In all these cases, average cost functions are derived and solved using a gradient based non-linear optimisation technique (LINGO).
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
