Multi-Objective Inventory Planning under Stochastic Availability of Complement in Fuzzy Environment

  • Muhammad Nazim
  • Zhimiao Tao
  • Muhammad Hashim
  • Abid Hussain Nadeem
  • Jamil Ahmad
Conference paper
Part of the Lecture Notes in Electrical Engineering book series (LNEE, volume 241)

Abstract

Effective inventory planing is instrumental in reducing costs and leadtime. In this paper, a multi-objective inventory planing model is proposed with imprecise demand, lead time and inventory costs. An inventory policy is proposed to minimize the costs using man–machine interaction. The fuzzy parameters of leadtime, inventory costs and demand are expressed through linear non-linear membership functions. The fuzzy parameters are first transformed into corresponding interval numbers and then following the interval mathematics, objective function of average cost is changed into respective multi-objective functions. An interactive fuzzy decision making method is used to minimize these functions and solve for Paretooptimum solutions. The proposed model is illustrated numerically and the results are presented in tabular forms.

Keywords

Multi-objective optimization Fuzzy lead-time Fuzzy inventory cost parameters Inventory planing Interactive fuzzy decision making method 

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Copyright information

© Springer-Verlag Berlin Heidelberg 2014

Authors and Affiliations

  • Muhammad Nazim
    • 1
  • Zhimiao Tao
    • 1
  • Muhammad Hashim
    • 1
  • Abid Hussain Nadeem
    • 1
  • Jamil Ahmad
    • 1
  1. 1.Uncertainty Decision-Making LaboratorySichuan UniversityChengduPeople’s Republic of China

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