Fuzzy stochastic inventory model for deteriorating item

Abstract

A multi item profit maximization inventory model is developed in fuzzy stochastic environment. Demand is taken as Stock dependent demand. Available storage space is assumed to be imprecise and vague in nature. Impreciseness has been expressed by linear membership function. Purchasing cost and investment constraint are considered to be random and their randomness is expressed by normal distribution. The model has been formulated as a fuzzy stochastic programming problem and reduced to corresponding equivalent fuzzy linear programming problem. The model has been solved by using fuzzy linear programming technique and illustrated numerically.

Keywords

• inventory model
• stock dependent demand
• fuzzy-stochastic programming
• fuzzy linear programming