Abstract
In this chapter, an inventory model is developed where demand and deterioration rate are considered in fuzzy environment, because, in real-life situations, demand and deterioration rate of an item are slightly disrupted from their original values. Moreover, due to the political and business instability and uncertainty in the value of money, the fuzzy inflation rate is also incorporated in this model. The crisp model is fuzzified by using Normalized General Triangular Fuzzy Number (NGTFN) and Cloudy Normalized Triangular Fuzzy Number (CNTFN). Also, the total cost is calculated for both the crisp model and corresponding fuzzified model. Then, the costs are compared extensively among the crisp model and consequently the triangular fuzzy model and cloudy fuzzy model. A numerical example is included to justify the usefulness of the proposed model. A sensitivity analysis of the optimal solutions for the parameters is also provided. The paper ends with conclusions and an outlook to possible future studies.
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