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Modeling of an Inventory System with Variable Demands and Lead Times using a Fuzzy Approach

Modeling of an Inventory System with Variable Demands and Lead Times using a Fuzzy Approach

Vijay Kumar, Pravin Kumar
Copyright: © 2016 |Pages: 19
ISBN13: 9781466698888|ISBN10: 1466698888|EISBN13: 9781466698895
DOI: 10.4018/978-1-4666-9888-8.ch007
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MLA

Kumar, Vijay, and Pravin Kumar. "Modeling of an Inventory System with Variable Demands and Lead Times using a Fuzzy Approach." Optimal Inventory Control and Management Techniques, edited by Mandeep Mittal and Nita H. Shah, IGI Global, 2016, pp. 133-151. https://doi.org/10.4018/978-1-4666-9888-8.ch007

APA

Kumar, V. & Kumar, P. (2016). Modeling of an Inventory System with Variable Demands and Lead Times using a Fuzzy Approach. In M. Mittal & N. Shah (Eds.), Optimal Inventory Control and Management Techniques (pp. 133-151). IGI Global. https://doi.org/10.4018/978-1-4666-9888-8.ch007

Chicago

Kumar, Vijay, and Pravin Kumar. "Modeling of an Inventory System with Variable Demands and Lead Times using a Fuzzy Approach." In Optimal Inventory Control and Management Techniques, edited by Mandeep Mittal and Nita H. Shah, 133-151. Hershey, PA: IGI Global, 2016. https://doi.org/10.4018/978-1-4666-9888-8.ch007

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Abstract

Inventory modeling has always been an innovative research topic for the researchers. It is concerned with minimization of the total inventory cost and maximization of the service level with minimum inventory. In the real world, the demand is always variable; and also the lead time of supply of an item cannot be always fixed due to some unavoidable circumstances. This chapter is focused on an inventory model with shortages where demand quantity and lead time are considered as variable and represented by triangular fuzzy numbers. An expression for optimum order size, reorder point, safety stock and fuzzy total safety stock cost is developed for a fixed customer service level. This model may help the manager to minimize the inventory cost with a maximum service level under the environment of uncertainty and vague information.

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