Title: Optimal inventory policies of facilities in a supply chain system under fuzzy stochastic environment
Authors: D.K. Shaw; D.A. Khan
Addresses: Department of Computer Applications, National Institute of Technology, Jamshedpur – 831014, Jharkhand, India. ' Department of Computer Applications, National Institute of Technology, Jamshedpur – 831014, Jharkhand, India
Abstract: In the present scenario, individual firms do not compete as independent entities rather as an integral part of a supply chain. Uncertainty is the major attribute in managing the supply chains. Accordingly, we develop heuristic methods to determine optimal inventory policies of facilities in a supply chain system under fuzzy stochastic environment. The total cost of the inventory system is computed using defuzzification methods. To determine an optimal policy, a numerical technique is presented and the results are analysed with the help of a numerical example.
Keywords: economic order quantities; fuzzy sets; vendors; customers; optimal policies; inventory policies; fuzzy stochastic environments; facilities; independent entities; integral parts; uncertainty; heuristic methods; facility inventories; total costs; defuzzification methods; business performance; SCM; supply chain management; modelling.
International Journal of Business Performance and Supply Chain Modelling, 2012 Vol.4 No.2, pp.111 - 125
Available online: 31 Jul 2012 *Full-text access for editors Access for subscribers Purchase this article Comment on this article