A multi-item mixture inventory model involving random lead time and demand with budget constraint and surprise function |
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| Authors: | UK Bera M Rong NK Mahapatra M Maiti |
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| Institution: | 1. Department of Mathematics, Bengal Institute of Technology and Management, Gopal Nagar, Santiniketan, Birbhum 731 236, WB, India;2. Department of Mathematics, Bangabasi Evening College, 19, Rajkumar Chakraborty Sarani, Kolkata 9, WB, India;3. Department of Mathematics, Panskura Banamali College, Panskura RS-721152, Purba Medinipur, WB, India;4. Department of Applied Mathematics with Oceanology and Computer Programming, Vidyasagar University, Midnapore 721 102, WB, India |
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| Abstract: | This study deals with a multi-item mixture inventory model in which both demand and lead time are random. A budget constraint is also added to this model. The optimization problem with budget constraint is then transformed into a multi-objective optimization problem with the help of fuzzy chance-constrained programming technique and surprise function. In our studies, we relax the assumption about the demand, lead time and demand during lead time that follows a known distribution and then apply the minimax distribution free procedure to solve the problem. We develop an algorithm procedure to find the optimal order quantity and optimal value of the safety factor. Finally, the model is illustrated by a numerical example. |
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| Keywords: | Inventory Random demand rate Random lead time Surprise function Fuzzy chance-constrained |
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