Article: Fuzzy optimal inventory model for pharmaceutical products with a trade-credit scheme under inflation Journal: International Journal of Process Management and Benchmarking (IJPMB) 2022 Vol.12 No.3 pp.348 - 366 Abstract: The aim of this research is to establish an optimal policy with deteriorating products for chemical/pharmaceutical industries. The demand rate is not always certain in the market, it will vary, change, or unchanged but in the real world, there has uncertainty in demand. Due to the uncertainty, the demand is to be taken as s triangular fuzzy with upper <i>ξ</i>-cut and lower <i>ξ</i>-cut for the demand parameter. Therefore, a fuzzy economic order quantity (FEOQ) model with allowable shortages with inflation under the trade-credit scheme has been developed. In view of the trade-credit period, some cases have been discussed for both vendors and retailers with uncertain conditions. With time, the uncertainties are very common in the demand rate of any pharmaceutical product. In this model, for the optimal solution of the multi-objective problem, the weighted sum technique used in this model, and demonstrate through illustration and sensitivity analysis. Inderscience Publishers - linking academia, business and industry through research

Title: Fuzzy optimal inventory model for pharmaceutical products with a trade-credit scheme under inflation

Authors: Neelanjana Rajput; Anand Chauhan; R.K. Pandey; Neeraj Dhiman

Addresses: Department of Mathematics, D.B.S. (P.G.) College, Rajpur Road, Dehradun, Pin 248001, Uttarakhand, India ' Department of Applied Sciences, Graphic Era University, Bell Road, Clementown Dehradun, Pin 248001, Uttarakhand, India ' Department of Mathematics, D.B.S. (P.G.) College, Rajpur Road, Dehradun, Pin 248001, Uttarakhand, India ' Department of Mathematics, Graphic Era Hill University, Bell Road, Clementown, Dehradun, Pin 248001, Uttarakhand, India

Abstract: The aim of this research is to establish an optimal policy with deteriorating products for chemical/pharmaceutical industries. The demand rate is not always certain in the market, it will vary, change, or unchanged but in the real world, there has uncertainty in demand. Due to the uncertainty, the demand is to be taken as s triangular fuzzy with upper ξ-cut and lower ξ-cut for the demand parameter. Therefore, a fuzzy economic order quantity (FEOQ) model with allowable shortages with inflation under the trade-credit scheme has been developed. In view of the trade-credit period, some cases have been discussed for both vendors and retailers with uncertain conditions. With time, the uncertainties are very common in the demand rate of any pharmaceutical product. In this model, for the optimal solution of the multi-objective problem, the weighted sum technique used in this model, and demonstrate through illustration and sensitivity analysis.

Keywords: fuzzy EOQ model; vague demand; trade-credit; perishable products; inflation; triangular fuzzy number; weighted sum technique.

DOI: 10.1504/IJPMB.2022.122230

International Journal of Process Management and Benchmarking, 2022 Vol.12 No.3, pp.348 - 366

Received: 03 May 2020
Accepted: 30 May 2020
Published online: 12 Apr 2022 *

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Title: Fuzzy optimal inventory model for pharmaceutical products with a trade-credit scheme under inflation

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