Skip to main content
SpringerLink
Log in

Intuitionistic Fuzzy-Based Multi-Attribute Decision-Making Approach for Selection of Inventory Policy

  • Conference paper
  • First Online:
Advances in Computational Intelligence (ICCI 2015)

Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 509))

Included in the following conference series:

Abstract

Selection of inventory control policies is of great concern in the dynamic business environment as they are the drivers of success towards achieving a competitive advantage in terms of cost, quality and service. Inventory policy selection is affected by a number of criterions some of which may be cost, demand and lead time which are quite conflicting in nature. Therefore, inventory control policy selection can be categorised as a Multi-Criteria Decision-Making technique involved in evaluating a set of alternatives through which the enterprises need to identify optimal inventory policy. This research develops a decision model which is focused towards evaluation, ranking and selection of inventory policies based on these conflicting criteria using intuitionistic fuzzy numbers.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution

Institutional subscriptions

References

  1. Arcelus, F.J., Srinivasan, G.: Discount strategies for one-time-only sales. IIE Trans. 27(5), 625–633 (1995)

    Article  Google Scholar 

  2. Atanassov, K.T.: Intuitionistic fuzzy sets. Fuzzy Sets Syst. 20, 87–96 (1986)

    Article  MATH  Google Scholar 

  3. Atanassov, K.T.: More on intuitionistic fuzzy sets. Fuzzy Sets Syst. 33(1), 37–45 (1989)

    Article  MathSciNet  MATH  Google Scholar 

  4. Brooking, S.A.: Inventory system costs: source data for analysis. Eng. Costs Prod. Econ. 13(1), 1–12 (1987)

    Article  Google Scholar 

  5. Cetinkaya, S., Parlar, M.: Optimal myopic policy for a stochastic inventory problem with fixed and proportional backorder costs. Eur. J. Oper. Res. 110(1), 20–41 (1998)

    Article  MATH  Google Scholar 

  6. Chen, S.J., Hwang, C.L.: Fuzzy multiple attribute decision making methods, pp. 289–486. Springer, Berlin (1992)

    Google Scholar 

  7. Dohi, T., Okamura, H., Osaki, S.: Optimal control of preventive maintenance schedule and safety stocks in an unreliable manufacturing environment. Int. J. Prod. Econ. 74(1), 147–155 (2001)

    Article  Google Scholar 

  8. Gupta, A., Garg, R.K., Tewari, P.C.: Multi-criteria ranking of inventory ordering policies using fuzzy based-distance based approach for indian automotive industry. i-Manager’s J. Manage. 8(1), 411994 (2013)

    Google Scholar 

  9. Li, D.F.: Decision and game theory in management with intuitionistic fuzzy sets. In: Studies in Fuzziness and Soft Computing (2005)

    Google Scholar 

  10. Li, D.F.: A ratio ranking method of triangular intuitionistic fuzzy numbers and its application to MADM problems. Comput. Math Appl. 60(6), 1557–1570 (2010)

    Article  MathSciNet  MATH  Google Scholar 

  11. Li, D.F., Nan, J.X., Zhang, M.J.: A ranking method of triangular intuitionistic fuzzy numbers and application to decision making. Int. J. Comput. Intell. Syst. 3(5), 522–530 (2010)

    Google Scholar 

  12. Mitchell, H.B.: Ranking type-2 fuzzy numbers. IEEE Trans. Fuzzy Syst. 14(2), 287–294 (2006)

    Article  Google Scholar 

  13. Nayagam, G., Lakshmana, V., Venkateshwari, G., Sivaraman, G.: Ranking of intuitionistic fuzzy numbers. In IEEE International Conference on Fuzzy Systems, 2008. FUZZ-IEEE 2008 (IEEE World Congress on Computational Intelligence), pp. 1971–1974. IEEE (2008)

    Google Scholar 

  14. Petrovic, R., Petrovic, D.: Multicriteria ranking of inventory replenishment policies in the presence of uncertainty in customer demand. Int. J. Prod. Econ. 71(1), 439–446 (2001)

    Article  Google Scholar 

  15. Prasad, S.: Classification of inventory models and systems. Int. J. Prod. Econ. 34(2), 209–222 (1994)

    Article  Google Scholar 

  16. Wang, Q.J.: Survey on fuzzy multi-criteria decision-making approach. Control Decis. 23, 601–606 (2008)

    MathSciNet  MATH  Google Scholar 

  17. Wan, S.P.: Survey on intuitionistic fuzzy multi-attribute decision making approach. Control Decis. 25(11), 1601–1606 (2010)

    MathSciNet  Google Scholar 

  18. Xu, Z.: Intuitionistic fuzzy multiattribute decision making: an interactive method. IEEE Trans. Fuzzy Syst. 20(3), 514–525 (2012)

    Article  Google Scholar 

  19. Zadeh, A.L.: Fuzzy sets. Inf. Control 8, 338–353 (1965)

    Article  MATH  Google Scholar 

  20. Zhang, M., Nan, J.: A compromise ratio ranking method of triangular intuitionistic fuzzy numbers and its application to MADM problems. Iran. J. Fuzzy Syst. 10(6), 21–37 (2013)

    MathSciNet  MATH  Google Scholar 

  21. Zhou, B., Zhao, Y., Katehakis, M.N.: Effective control policies for stochastic inventory systems with a minimum order quantity and linear costs. Int. J. Prod. Econ. 106(2), 523–531 (2007)

    Article  Google Scholar 

  22. Zhang, X., Xu, Z.: A new method for ranking intuitionistic fuzzy values and its application in multi-attribute decision making. Fuzzy Optim. Decis. Mak. 11(2), 135–146 (2012)

    Article  MathSciNet  MATH  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Department of Mathematics, Birla Institute of Technology, Mesra, Ranchi, 835215, Jharkhand, India

    Mahuya Deb & Prabjot Kaur

Authors
  1. Mahuya Deb
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. Prabjot Kaur
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to Mahuya Deb .

Editor information

Editors and Affiliations

  1. Department of Computer Science and Engineering, Birla Institute of Technology Mesra, Ranchi, Jharkhand, India

    Sudip Kumar Sahana

  2. Department of Computer Science and Engineering, Birla Institute of Technology Mesra, Ranchi, Jharkhand, India

    Sujan Kumar Saha

Rights and permissions

Reprints and permissions

Copyright information

© 2017 Springer Science+Business Media Singapore

About this paper

Cite this paper

Deb, M., Kaur, P. (2017). Intuitionistic Fuzzy-Based Multi-Attribute Decision-Making Approach for Selection of Inventory Policy. In: Sahana, S.K., Saha, S.K. (eds) Advances in Computational Intelligence. ICCI 2015. Advances in Intelligent Systems and Computing, vol 509. Springer, Singapore. https://doi.org/10.1007/978-981-10-2525-9_5

Download citation

  • DOI: https://doi.org/10.1007/978-981-10-2525-9_5

  • Published:

  • Publisher Name: Springer, Singapore

  • Print ISBN: 978-981-10-2524-2

  • Online ISBN: 978-981-10-2525-9

  • eBook Packages: EngineeringEngineering (R0)

Publish with us

Policies and ethics

Search

Navigation