What is it about?

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.

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Why is it important?

The proposed inventory model becomes a multiple criteria decision making (MCDM) problem in fuzzy environment.

Perspectives

This model is solved by multi-objective fuzzy goal programming (MOFGP) approach. Two numerical examples are given to illustrate the proposed model.

Dr. PAVAN KUMAR
VIT Bhopal University

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This page is a summary of: Multi-objective linear fractional inventory model of multi-products with price-dependant demand rate in fuzzy environment, International Journal of Mathematics in Operational Research, January 2015, Inderscience Publishers,
DOI: 10.1504/ijmor.2015.071280.
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