2011•Unpublished venueRequires access

A Fuzzy Approach on Vendor Managed Inventory Policy

A. Nagoor Gani, S. Maheswari

Abstract

This paper deals with one-vendor, multi-buyer integrated production inventory model with consignment stock policy, a particular vendor managed inventory policy, in which inspection cost is included in the total cost to supply good quality items to the buyers. An analytical model is developed to obtain optimal replenishment decisions for both vendor and buyers. Fuzzy mathematical model is also developed in which setup costs, holding costs of vendor and buyers and inspection cost of the vendor are taken as triangular fuzzy numbers. Modified integration representation method is used for defuzzifying the total cost. Finally the benefit of CS policy is explained through a numerical example. Mathematics Subject Classification: 03E72, 90B05

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Key concepts: Vendor, Consignment, Operations research, Vendor-managed inventory, Holding cost, Fuzzy logic, Computer science, Inventory cost