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Determining Order Quantity and Re-Order Point in Non-Cost Based Inventory Models with Fuzzy Demand


 Industrial Engineering Department, Payame Noor University, PO BOX 19395-3697, Tehran, Iran

Correspondence Address:
Ramin Sadeghian,
Industrial Engineering Department, Payame Noor University, PO BOX 19395-3697, Tehran
Iran
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Source of Support: None, Conflict of Interest: None

DOI: 10.4103/0976-8580.160345

 

   Abstract 

Ordering policies may be done by two traditional methods, such as fix order quantity and fix order period. These methods are static, and re-order point (ROP) as a decision variable is constant in each period. Indeed, demand is varying in any period and may be considered as uncertainty. When demand is variable in any period, the traditional and static ordering policies with fix ROPs cannot be efficient. On the other hand, sometimes inventory costs may not be well known or precise. Therefore, using the cost based inventory models may not be helpful. In this paper, a model is developed which can be used in the cases of fuzzy and irregular demand, and also unknown costs. In this situation, expected inventory level and inventory confidence level may be applied instead total inventory cost. A numerical example is also presented for more explanation.


Keywords: Dynamic re-order point, fuzzy demand, inventory confidence level, noncost based inventory models, order quantity



How to cite this URL:
Sadeghian R. Determining Order Quantity and Re-Order Point in Non-Cost Based Inventory Models with Fuzzy Demand. J Eng Technol [Epub ahead of print] [cited 2019 Mar 26]. Available from: http://www.onlinejet.net/preprintarticle.asp?id=160345


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