SOLUTION OF STOCHASTIC INVENTORY MODELS WITH CHANCE-CONSTRAINTS BY INTUITIONISTIC FUZZY OPTIMIZATION TECHNIQUE

Abstract

Paknejad et al.’s model is analyzed in this paper where the lead time demand follows normal distribution under deterministic, stochastic and mixed environment, respectively and thus the model becomes more realistic. Expected annual cost is measured, with varying defective rate. After that the Item wise multi objective models with chance-constraints 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. Necessary graphical presentations are also given besides numerical illustrations.