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Fuzzy Inventory Model Incorporating Advance Payment without Shortages having Constant and Time Dependent Demand
Keywords
Inventory model, Advance payment, Fuzzy number, Hexagonal fuzzy number, Signed-distance method
Abstract
In this paper, an inventory model with advance payment for a single item has been developed in which the lead time is taken to be fixed and there is no shortage. The crisp model has been developed under two different circumstances, with constant demand and with linear time dependent demand. Then the corresponding fuzzy models are formulated in which several parameters involved are taken as hexagonal fuzzy numbers. The very effective signed-distance method has been used to convert the fuzzy numbers into the crisp numbers. Then the fuzzy model has been solved using LINGO12.0. Finally, some numerical examples are presented to illustrate the model and solution methodology. The effects of change of different inventory parameters has been studied and are presented.