Title: Multi-objective linear fractional inventory model of multi-products with price-dependant demand rate in fuzzy environment

Authors: Pavan Kumar; Debashis Dutta

Addresses: Department of Mathematics, National Institute of Technology, Warangal – 506004, Andhra Pradesh, India ' Department of Mathematics, National Institute of Technology, Warangal – 506004, Andhra Pradesh, India

Abstract: In this paper, we propose a multi-criteria decision making approach for the solution of a multi-product inventory model without shortages. The model is considered over infinite horizon with price-dependant demand rate. The proposed model is formulated as a fractional multi-objective optimisation problem along with four constraints: budget constraint, space constraint, number of order constraint, and budgetary constraint on ordering cost of each item. The proposed inventory model becomes a multiple criteria decision making (MCDM) problem in fuzzy environment. This model is solved by multi-objective fuzzy goal programming (MOFGP) approach. Two numerical examples are given to illustrate the proposed model.

Keywords: inventory modelling; membership function; fuzzy goal programming; multi-objective optimisation; fractional programming; multiple products; price-dependant demand; fuzzy logic; multicriteria decision making; MCDM.

DOI: 10.1504/IJMOR.2015.071280

International Journal of Mathematics in Operational Research, 2015 Vol.7 No.5, pp.547 - 565

Received: 02 Aug 2013
Accepted: 05 Apr 2014
Published online: 19 Aug 2015 *

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