No abstract

No abstract

In this paper, a fuzzy inventory model with a Weibull deterioration rate, a quadratic demand rate, and a variable holding cost under permissible shortages has been developed. The deterioration rate is expressed by a two-parameter Weibull distribution. During a shortage, some buyers wait for the actual product, while others do not. This shortfall is considered partially backlogged in this model. Some buyers wait for the actual product during such shortages, but many do not. Therefore, partially backlogged shortages are taken into account in this approach. In a traditional inventory model, all parameters such as purchasing cost, shortage cost, holding cost, etc. are predetermined. However, there will be some variations. As a result, fuzzy factors are more accurate to deal with the real world?s problems. This research attempts to cut down the cost in a fuzzy environment by using quadratic demand, shortage, Weibull deterioration rate, and variable holding cost. Costs such as ordering, shortage, and deterioration are addressed as pentagonal fuzzy numbers that are defuzzified using a graded mean representation approach. Finally, sensitivity analysis was carried out to investigate the influence of cost parameters on total inventory cost. A numerical example is used to validate the proposed model in a real-world system.

No abstract

In Healthcare industries, the most challenging problem for a decision maker is to develop an optimal inventory policy to estimate medicinal products with an uncertain scenario. The proposed model has been developed in such a way that it could provide an optimal policy for all relevant factors in the healthcare industry, such as uncertainty in demand, deterioration of products, preservation technology costs, shortages of products, inflation, and trade credit.  The price and supply levels of some medicinal products have a substantial impact on the rate of consumption. Therefore, in this study, the demand function is dependent on price as well as stock, and the retailer invests in preservation technologies to decrease the deterioration of products. This leads to increased product demand, which benefits both the retailer and the supplier. In an attempt to bring the model closer to a real world problem, the variation in cost parameters over time is included in the fuzzy. The cost minimization technique is defuzzified using the signed distance method. Furthermore, the model has been demonstrated and validated with suitable numerical examples, and a sensitivity analysis has been provided.