An Inventory Model for Deteriorating Items with Time Varying Demand and Shortages Using Fuzzy Environment

Abstract

Inventory in wider sense is defined as any idle resource of an enterprise. It is physical stock of goods, kept for the purpose of future affairs. Invention scheduling is a difficult task in industry with different operational constraints as well as strategic plan of the business revenue purpose and limit on finishing. To reduce the difficulties we introduce crisp and fuzzy model. Here fuzzy model consist of three methods gradient mean representation method, signed distance method, centroid method to deffuzify the total cost function with the help of triangular fuzzy number. The results obtained by these methods are compared with the help of a numerical example. Sensitivity analysis is also carried out to explore the effect of changes in the values of some of the system parameters. The aim of the study is to minimize the total cost function.