A cost analysis on Multi-item Inventory model for Factory Outlets with investment constraint under ranking Asteroid Fuzzy Set

Abstract

Purpose of the study: A multi-item inventory model for factory outlets in crisp and fuzzy sense are formulated in the fuzzy environment with investment under one constraint has been considered. In this model, demand is constant and is related to the price per unit item. The asteroid fuzzy set is defined and is properties are given. Methodology: The parameters involved in this model represented by asteroid fuzzy set. The average total cost is defuzzify by ranking method. Main Findings: The analytical expressions for maximum inventory level and average total cost are derived for the proposed model by using nonlinear programming technique. A numerical example is presented to illustrate the results. Applications of this study: Ranking Asteroid fuzzy set is considered profitable in small businesses. Here we considered the factory outlet .Also its use is considered to help the small scale entrepreneurs during festival period and pandemic situation. Novelty/Originality of this study:  In this paper, a novel approach to handle the asteroid fuzzy set is proposed. It uses ranking the cost parameters of the asteroid fuzzy set with the best approximation level. The parameters involved are asteroid fuzzy set and are all ill-defined in nature.