Periodic review fuzzy inventory model with variable lead time and fuzzy demand |
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Authors: | Biswajit Sarkar Amalendu Singha Mahapatra |
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Affiliation: | 1. Department of Industrial & Management Engineering, Hanyang University, South Korea;2. Department of Basic Science & Humanities, Techno India College of Technology, New Town, Rajarhat, Kolkata, West Bengal, India |
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Abstract: | This paper investigates a periodic review fuzzy inventory model with lead time, reorder point, and cycle length as decision variables. The main goal of this study is to minimize the expected total annual cost by simultaneously optimizing cycle length, reorder point, and lead time for the whole system based on fuzzy demand. Two models are considered in this paper: one with normal demand distribution and another with a distribution‐free approach. The model assumes a logarithmic investment function for lost‐sale rate reduction. Furthermore, two separate efficient computational algorithms are explained to obtain the optimal solution. Some numerical examples are given to illustrate the model. |
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Keywords: | periodic review inventory lost‐sales rate fuzzy demand distribution‐free approach |
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