Abstract
In this paper, a production-inventory model for a defective/deteriorating item is developed with imprecise inventory cost parameters. Here, we have used two defuzzification techniques: 1) valuation/weighting function of Yager's ranking method; 2) credibility measure, a compromise between optimistic and pessimistic measures for the deterministic transformation of the proposed model. A weighting function is added to Yager's ranking method so that it can represent the decision preference to solve a production inventory model. The proposed fuzzy inventory models are reduced to the crisp ones applying credibility measure. The problems are formulated as cost minimisation problems and solved using a gradient-based nonlinear programming technique. Finally, the models are illustrated through a numerical experiment with triangular fuzzy cost parameters. The results from two methods are compared and sensitivity analysis for different values of cost parameters and confidence levels (in credibility measure) is presented.
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