Multi-objective linear fractional inventory model of multi-products with price-dependant demand rate in fuzzy environment
by Pavan Kumar; Debashis Dutta
International Journal of Mathematics in Operational Research (IJMOR), Vol. 7, No. 5, 2015

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.

Online publication date: Wed, 19-Aug-2015

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