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

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 leadtime demand are compared. Necessary graphical presentations are also given besides numerical illustrations.