Inventory model with preservation technology and exponential holding cost in fuzzy scenario

Abstract

Inventories are ubiquitous in the business sector. Since inventory is most frequently incurring expense, stock control is critical for an organization and it must be scrimping and saving in contemplation of function the merchandising fruitfully.  In this paper, an inventory model for a deteriorating item under exponential holding cost with collaborative preservation technology investment under carbon policy is considered.  Also, this study is developed in a fuzzy scenario by employing triangular fuzzy numbers.  Signed distance method is utilized to enhance decision making and optimization. Further the convexity of the total cost function for both the crisp and the fuzzy case is established.  The objective is to determine the optimal investment in preservation technology and the optimal cycle length so as to minimize the total cost. Moreover, some managerial results are obtained by using sensitivity analysis and graphical representation is also carried out.  The applications of the proposed model is used in the fields of constructing machinery or heavy duty construction equipment, specific chemicals and processed food.