Application of fuzzy goal programming approach to multi-objective linear fractional inventory model

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 optimisation problem along with three constraints: budget constraint, space constraint and budgetary constraint on ordering c...

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Bibliographic Details
Published in:International journal of systems science Vol. 46; no. 12; pp. 2269 - 2278
Main Authors: Dutta, D., Kumar, Pavan
Format: Journal Article
Language:English
Published: Taylor & Francis 10.09.2015
Subjects:
Budgeting
fractional programming
Fuzzy
Fuzzy logic
Fuzzy set theory
Goal programming
inventory model
Mathematical models
membership function
multi-objective optimisation
Optimization
Shortages
ISSN:0020-7721, 1464-5319
Online Access:Get full text
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Summary: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 optimisation 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.
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ISSN:0020-7721
1464-5319
DOI:10.1080/00207721.2013.860639