Fuzzy optimization model of two parameter Weibull deteriorating rate with quadratic demand and variable holding cost under allowable shortages
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Published:2022
Issue:4
Volume:32
Page:453-470
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ISSN:0354-0243
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Container-title:Yugoslav Journal of Operations Research
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language:en
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Short-container-title:YUGOSLAV J OPERATION
Author:
Poswal Preety1, Chauhan Anand2, Rajoria Yogendra3, Boadh Rahul1, Goel Abhinav2
Affiliation:
1. Department of Mathematics, K.R. Mangalam University, Gurgaon, Haryana, India 2. Department of Mathematics, Graphic Era Deemed University, Dehradun, U.K, India 3. Department of Mathematics, School of Basic and Applied Science, K.R. Mangalam University, Gurgaon, Haryana, India
Abstract
In this paper, a fuzzy inventory model with a Weibull deterioration rate, a
quadratic demand rate, and a variable holding cost under permissible
shortages has been developed. The deterioration rate is expressed by a
two-parameter Weibull distribution. During a shortage, some buyers wait for
the actual product, while others do not. This shortfall is considered
partially backlogged in this model. Some buyers wait for the actual product
during such shortages, but many do not. Therefore, partially backlogged
shortages are taken into account in this approach. In a traditional
inventory model, all parameters such as purchasing cost, shortage cost,
holding cost, etc. are predetermined. However, there will be some
variations. As a result, fuzzy factors are more accurate to deal with the
real world?s problems. This research attempts to cut down the cost in a
fuzzy environment by using quadratic demand, shortage, Weibull deterioration
rate, and variable holding cost. Costs such as ordering, shortage, and
deterioration are addressed as pentagonal fuzzy numbers that are defuzzified
using a graded mean representation approach. Finally, sensitivity analysis
was carried out to investigate the influence of cost parameters on total
inventory cost. A numerical example is used to validate the proposed model
in a real-world system.
Publisher
National Library of Serbia
Subject
Management Science and Operations Research
Reference26 articles.
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