Published January 1, 2015
| Version v1
Journal article
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Application of fuzzy goal programming approach to multi-objective linear fractional inventory model
Description
In this paper, we propose a model and solution approach for a multi-item inventory problem without shortages. The proposed model is formulated as a fractional multi-objective optimization problem along with three constraints: budget constraint, space constraint and budgetary constraint on ordering cost of each item. The proposed inventory model becomes a multiple criteria decision-making (MCDM) problem in fuzzy environment. This model is solved by multi-objective fuzzy goal programming (MOFGP) approach. A numerical example is given to illustrate the proposed model.
Notes
Assumptions: The following assumptions are being made in developing the mathematical model:
(1) A multi-item inventory model is considered.
(2) Time horizon is infinite, and there is only one period in the cycle time.
(3) Demand rate is constant over time for each item.
(4) Lead time is zero.
(5) Holding cost is known and constant for each item.
(6) Purchase price of the item is constant for each item, i.e. no discount is available.
(7) Shortages are not allowed.
(8) No deterioration allowed.
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