A New Mathematical Inventory Model with Stochastic and Fuzzy Deterioration Rate under Inflation
Joint Authors
Naserabadi, Bahar
Nodoust, Sara
Mirzazadeh, Abolfazl
Source
Chinese Journal of Engineering
Issue
Vol. 2014, Issue 2014 (31 Dec. 2014), pp.1-10, 10 p.
Publisher
Hindawi Publishing Corporation
Publication Date
2014-08-14
Country of Publication
Egypt
No. of Pages
10
Main Subjects
Engineering Sciences and Information Technology
Abstract EN
This paper develops an inventory model for items with uncertain deterioration rate, time-dependent demand rate with nonincreasing function, and allowable shortage under fuzzy inflationary situation.
The goods are not deteriorating upon reception, but the deteriorating starts after elapsing a specified time.
The lead time and inflation rate are both uncertain in the model.
The resultant effect of inflation and time value of money is assumed to be fuzzy in nature and also we consider lead time as a fuzzy function of order quantity.
Furthermore the following different deterioration rates have been considered: for the first case we consider fuzzy deterioration rate and for the second case we assume that the deterioration rate is time dependent and follows Weibull distribution with three known parameters.
Since the inflation rate, deterioration rate, and the lead time are fuzzy numbers, the objective function becomes fuzzy.
Therefore the estimate of total costs for each case is derived using signed distance technique for defuzzification.
The optimal replenishment policy for the model is to minimize the total present value of inventory system costs, derived for both the above mentioned policies.
Numerical examples are then presented to illustrate how the proposed model is applied.
American Psychological Association (APA)
Naserabadi, Bahar& Mirzazadeh, Abolfazl& Nodoust, Sara. 2014. A New Mathematical Inventory Model with Stochastic and Fuzzy Deterioration Rate under Inflation. Chinese Journal of Engineering،Vol. 2014, no. 2014, pp.1-10.
https://search.emarefa.net/detail/BIM-464678
Modern Language Association (MLA)
Naserabadi, Bahar…[et al.]. A New Mathematical Inventory Model with Stochastic and Fuzzy Deterioration Rate under Inflation. Chinese Journal of Engineering No. 2014 (2014), pp.1-10.
https://search.emarefa.net/detail/BIM-464678
American Medical Association (AMA)
Naserabadi, Bahar& Mirzazadeh, Abolfazl& Nodoust, Sara. A New Mathematical Inventory Model with Stochastic and Fuzzy Deterioration Rate under Inflation. Chinese Journal of Engineering. 2014. Vol. 2014, no. 2014, pp.1-10.
https://search.emarefa.net/detail/BIM-464678
Data Type
Journal Articles
Language
English
Notes
Includes bibliographical references
Record ID
BIM-464678