Advances in Operations Research
Volume 2010 (2010), Article ID 765278, 19 pages
Research Article

Solution of Single and Multiobjective Stochastic Inventory Models with Fuzzy Cost Components by Intuitionistic Fuzzy Optimization Technique

Department of Mathematics, Bengal Engineering and Science University, Shibpur, Howrah 711103, India

Received 14 August 2009; Revised 26 January 2010; Accepted 5 March 2010

Academic Editor: Ching Jong Liao

Copyright © 2010 S. Banerjee and T. K. Roy. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.


Paknejad et al.'s model is considered in this paper. Itemwise multiobjective models for both exponential and uniform lead-time demand are taken and the results are compared numerically both in fuzzy optimization and intuitionistic fuzzy optimization techniques. Objective of this paper is to establish that intuitionistic fuzzy optimizaion method is better than usual fuzzy optimization technique as expected annual cost of this inventory model is more minimized in case of intuitionistic fuzzy optimization method. As a single objective stochastic inventory model where the lead-time demand follows normal distribution and with varying defective rate, expected annual cost is also measured. Finally the model considers for fuzzy cost components, which make the model more realistic, and numerical values for uniform, exponential, and normal lead-time demand are compared. Necessary graphical presentations are also given besides numerical illustrations.