A fuzzy-stochastic approach to multi-objective inventory model of deteriorating items with various types of demand and time dependent holding cost

Here, a multi-item, multi-objective inventory model of deteriorating items with stock and time dependent demands is formulated in fuzzy-stochastic environment with finite time horizon. In this model, it is assumed that setup cost of the items varies directly with the maximum inventory. Also, unit purchase cost is a random parameter represented by Normal distribution and the deterioration rate is imprecise in nature and defined by a trapezoidal fuzzy number. The model is reduced to an equivalent deterministic model using chance constrained and graded mean integration representation techniques. Single objective E- and V-models are solved using generalized reduced gradient (GRG) technique and multi-objective E-V model is solved by Augmented Fuzzy Max-Min Approach. The models are illustrated numerically.