Abstract
AbstractThis article presents two deteriorating inventory models with constant demand and deterioration rates to determine optimal ordering policy under inflation and partial backlogging with respe...
Highlights
The inflation and time value of money have significant effects on the inventory system costs, especially in developing countries
This study extends Mirzazadeh’s work (2011) to develop two deteriorating inventory models under stochastic inflationary conditions by considering assumptions of internal and external inflation rates, partial backordering, and fuzziness
Comparison of the fuzzy models In the above presented models, Ta and Td as the interval of the time between two sequential orders, Ka and Kd, as a part of the inventory cycle with positive inventory level are considered as two decision variables which are obtained by solving the fuzzy average annual cost model and the fuzzy discounted cost model, respectively
Summary
The inflation and time value of money have significant effects on the inventory system costs, especially in developing countries. Misra (1979) presented a discounted cost model with considering the time value of money and different inflation rates for the inventory costs. Yang (2012) presented a two-warehouse inventory model under partial backlogging and inflation with considering the three-parameter Weibull distribution for deterioration rate. Singh, and Kumar (2013) considered a deteriorating inventory model with partial backlogging where the demand rate is time-dependent and holding cost is assumed to be time-varying. Chakraborty, Jana, and Roy (2018) studied two-warehouse inventory models with ramp type demand rate, partial backlogging, and three-parameter Weibull distribution for deterioration rate under inflationary conditions. This study extends Mirzazadeh’s work (2011) to develop two deteriorating inventory models under stochastic inflationary conditions by considering assumptions of internal and external inflation rates, partial backordering, and fuzziness. C0 ÀC P1 for C ! C0 for C0 À P1 C C0 for C C0 À P1 where C0 and P1 represent the initial value of the unit purchasing cost and its maximum permissible tolerance, respectively
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