Abstract
Now-a-days, learning’s awareness is increasing in various disciplines because effect
of learning has a direct impact on profit or loss, and it is a promotional deemed
effective tool for inventory management. The basic concept of the inventory model
is that 100% of the articles in an ordered lot are of good quality but this concept is
not practically justifiable for the production process owing to product deterioration
and related factors and so deterioration of items cannot be ignored. Again due to
lack of considering the influence of demand, the ameliorating items for the amount
of inventory is increasing gradually and it is a natural phenomenon observing in
much life stock models. In addition, as the deep financial crisis continues to haunt
the global economy, the effects of inflation and time value of money cannot be
oblivious to an inventory system. Again another important factor is shortages which
no retailer would prefer, and in practice are partially backlogged and partially lost.
In order to convert the lost sales into sales, the retailer offers such customers an
incentive, by charging them the price prevailing at the time of placing an order,
instead of the current inflated price. Therefore, bearing in mind these facts, the
present paper develops an inventory model for a retailer dealing with deteriorating
and ameliorating items with stock dependent demand under the influence of
inflation and time-value of money over a fixed planning horizon where holding cost
follows the learning curve. Finally, a numerical example is provided to illustrate the
proposed model. Comparative study of the optimal solutions with respect to major
parameters under different special cases is carried out graphically and some
managerial inferences have been presented.
Subject classification: AMS Classification No. 90B05.
Keywords: Inventory, Learning effect, Deteriorating, Ameliorating, Inflation,
Time-value of money, Shortages and Partial backlogging.
A Fuzzy Environment Inventory Model with Partial Backlogging under Learning Effect