Abstract
In this paper, a multi-item inventory model with storage space, number of orders and production cost as constraints are developed in both crisp and fuzzy environment. In most of the real world situations the cost parameters, the objective functions and constraints of the decision makers are imprecise in nature. This model is solved with shortages and the unit cost dependent demand is assumed. Hence the cost parameters are imposed here in fuzzy environment. This model has been solved by Kuhn-Tucker conditions method. The results for the model without shortages are obtained as a particular case. The model is illustrated with numerical example.
Highlights
The literal meaning of inventory is the stock of goods for future use
The basic objective of inventory control is to reduce investment in inventories and ensuring that production process does not suffer at the same time
The unit cost of the item decreases. .i.e., the unit price of an item inversely relates to the demand of that item
Summary
The literal meaning of inventory is the stock of goods for future use (production/sales). Sommer [4] applied the fuzzy concept to an inventory and production scheduling problem. The Kuhn-Tucker conditions [6] are necessary conditions for identifying stationary points of a non linear constrained problem subject to inequality constraints. The development of this method is based on the Lagrangean method. Kuhn-Tucker conditions, known as Karush-KuhnTucker (KKT) conditions was first developed by W. A multi-item, multi-objective inventory problem with shortages along with three constraints such as limited storage space, number of orders and production cost has been formulated.
Sign-in/Register to view highlights & summary 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.
