International Journal of Statistics and Applied Mathematics
2022, Vol. 7, Issue 1, Part B
Fuzzy inventory model with multilevel permissible delay in payments
Author(s): PK Tripathy and Anima Bag
Abstract: In the last few decades the study of deteriorating items has gained enormous importance. Most of the companies are facing cut throat competition due to the wastage of resources that drastically reduce their profit margins. So decision makers adopt various techniques for disposal of decaying items with minimum inventory cost. In the present paper a fuzzy inventory model for deteriorating items is considered with four levels of permissible delay in payments. Time and selling price induced quadratic demand is considered and fuzzy approach is introduced in certain parameters to count the uncertainty in the environment. The objective of the study is to optimize the total cost function to reduce economic losses. Empirical Investigation is demonstrated and sensitivity analysis is carried out to gain managerial insights.