An intelligent decision for a bi-objective inventory problem. Issue 1 (2nd January 2016)

• Record Type: Journal Article
• Authors: De, Sujit Kumar; Pal, Madhumangal
• Is Part Of: International journal of systems science. Volume 3:Issue 1(2016)
• Page Start: 49
• Page End: 62
• Publication Date: 2016-01-02
• Subjects: bi-objective inventory -- minimum deviation method -- reliability -- optimisation; Operations research -- Periodicals; Logistics -- Periodicals; System analysis -- Periodicals; 003
• DOI: 10.1080/23302674.2015.1043363
• Languages: English
• ISSNs: 2330-2674

Abstract

Abstract : This article deals with the bi-objective manufacturing inventory problems. We know that the present world economy is very much competitive and nobody leaves a pace to the other company for their profit-seeking enterprises. However, every company has a specific demand curve for selling their commodities or products which may intersect each other or not. Under these circumstances it is troublesome to get an optimum solution for bi-objective problems in the business arena that maximises their individual average total profit. To overcome these situations, we have used seven methods, namely goal programming, goal attainment, utility function, individual optimisation, geometric mean, global criteria, and mini–max method extensively. Moreover, we have studied the cases of two book producer's problems along with their parabolic and linear several demand positions, respectively. Numerical examples and graphical illustrations are made to justify the model.