A study on fuzzy inventory model with lot size dependent ordering cost with shortages using graded mean integration representation method

Abstract

Inventory control is the guiding of supply, accessibility of items and storage in order to make sure an sufficient supply balance oversupply. It is referred as an internal control of an accounting system or procedure considered to assure or promote good company, the achievement avoid fraud error or security, etc. One of the difficult problems for professional is to examine, Healthcare researchers to analyze the inventory model in real life scenario. As lot of money occupied with their high holding costs in the inventories, the pharmaceutical companies cannot afford to have any money tied in excess inventories. In this proposed model, we considered a Fuzzy inventory model with shortages where the setup costs dependence on the size in step as the lot size strengthened. The inventory model contains various costs like Setup Costs, Shortage Costs, Holding Costs and Transportaton Costs. We consider the above said cost into fuzzy triangular number and to defuzzify Graded mean integration value is used. An algorithm is constructed, to find the economic order quantity along with the numerical examples for medicine organization.