A fuzzy inventory model with unit production cost, time depended holding cost, with-out shortages under a space constraint: a parametric geometric programming approach

Year 2017, Volume: 5 Issue: 4, 40 - 51, 01.10.2017

Wasim Akram Mandal , Sahidul Islam

Abstract

In this
paper, an Inventory model with unit production cost, time depended holding
cost, with-out shortages is formulated and solved. We have considered a single
objective structural optimization model. In most real world situation, the
objective and constraint function of the decision makers are imprecise in
nature. Hence the coefficients, indices, the objective function and constraint
goals are imposed here in fuzzy environment. Geometric programming provides a
powerful tool for solving a variety of imprecise optimization problems. Here we
use nearest interval approximation method to convert a triangular fuzzy number
to an interval number. In this paper, we transform this interval number to a
parametric interval-valued functional form and then solve the parametric
problem by geometric programming technique. Numerical example is given to
illustrate the model through this Parametric Geometric-Programming method.

Keywords

Inventory model, fuzzy number, space constraint, geometric programming

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