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Multi-objective Inventory Model with Both Stock-Dependent Demand Rate and Holding Cost Rate Under Fuzzy Random Environment

  • Totan Garai
  • Dipankar Chakraborty
  • Tapan Kumar Roy
Article

Abstract

In this paper, we investigated a multi-objective inventory model under both stock-dependent demand rate and holding cost rate with fuzzy random coefficients. Chance constrained fuzzy random multi-objective model and a traditional solution procedure based on an interactive fuzzy satisfying method are discussed. In addition, the technique of fuzzy random simulation is applied to deal with general fuzzy random objective functions and fuzzy random constraints which are usually difficult to converted into their crisp equivalents. The purposed of this study is to determine optimal order quantity and inventory level such that the total profit and wastage cost are maximized and minimize for the retailer respectively. Finally, illustrate example is given in order to show the application of the proposed model.

Keywords

Multi-objective inventory Stock-dependent demand Stock-dependent holding cost Fuzzy random variable Chance measure 

Abbreviations

Pos

Possibility measure

Nec

Necessity measure

Cr

Credibility measure

Pr

Probability measure

Ch

Chance measure

CCMOP

Chance constrained multi-objective problem

FISM

Interactive fuzzy satisfied method

\({\mathop {a}\limits ^{\simeq }}\)

Fuzzy random variable

Notes

Compliance with Ethical Standards

Competing interests

We declare that ours has neither financial nor non-financial competing.

Availability of Sata and Materials

Not applicable.

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Copyright information

© Springer-Verlag GmbH Germany, part of Springer Nature 2019

Authors and Affiliations

  • Totan Garai
    • 1
  • Dipankar Chakraborty
    • 2
  • Tapan Kumar Roy
    • 1
  1. 1.Department of MathematicsSilda Chandra Sekhar College, SildaJhargramIndia
  2. 2.Department of MathematicsHeritage Institute of TechnologyAnandapur, KolkataIndia

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