International Journal of Statistics and Reliability Engineering

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Fuzzy Inventory Model with Advertisement and Selling Price Dependent Demand under Inflationary Environment

Tanzim S. Shaikh , Santosh P. Gite

Abstract

Here, a fuzzy inventory model is developed for deteriorating items with demand which is advertisement and selling price dependent under the effect of inflation and time value of money. Initially there is no deterioration of items, but it begins after a certain period of time following two parameter Weibull distribution. The shortages are not allowed. The total inventory cost is minimized by obtaining the optimal interval and the optimal order quantity. Demand, advertisement cost, holding cost, deteriorating cost and purchase cost are fuzzified using trapezoidal fuzzy numbers. For de-fuzzification, Graded Mean Integration Representation Ranking Method is used. To provide an illustration of the results obtained for both crisp and fuzzy model, numerical example is given. Sensitivity analysis is carried out to see the effect of changes in the different parameters,

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ISSN(P) 2350-0174

ISSN(O) 2456-2378

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