Optimization of Inventory Management for Deteriorating Items with Quality-Dependent Demand under Neutrosophic Environments and Payment Delay Policies
DOI:
https://doi.org/10.32628/IJSRSET2512185Keywords:
Inventory management, deterioration, quality-dependent demand, neutrosophic environment, delay in payment, preservation technology, Particle Swarm Optimization, sensitivity analysis, sustainability, optimizationAbstract
This study presents an optimized inventory management model for deteriorating items, focusing on quality-dependent demand patterns within a generalized neutrosophic environment. Recognizing the challenges of degradation, defective products, fluctuating demand, and uncertain cost parameters, the model leverages a newly developed ranking and defuzzification approach. The study integrates a delay in payment policy, quality-linked demand, and preservation technology investment to optimize cycle time and minimize total inventory costs. The Particle Swarm Optimization (PSO) algorithm is applied to find the optimal solutions, with a sensitivity analysis exploring impacts on various inventory parameters. Results demonstrate the model's adaptability to real-world uncertainties, enhancing decision-making for sustainable inventory systems.
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