Optimization of Certain Real Life Inventory Problems Crisp and Fuzzy Approach

Abstract

Effective inventory management is crucial for businesses striving to succeed in a competitive market. As a consistently relevant research topic, Inventory Management focuses on maintaining optimal stock levels throughout the business cycle. The primary objective is to meet customer demand efficiently while minimizing inventory costs. A well-structured inventory system streamlines operations, reduces expenses, enhances customer satisfaction, and maximizes profitability by preventing overstocking and re- source wastage. However, achieving this balance requires addressing various constraints and challenges in inventory control. Thus, robust inventory management practices are essential for sustainable business success. Inventory constraints are dynamic and require continuous monitoring and timely ad- justments to ensure sustained growth and profitability. Since the early 20th century, researchers have sought to develop optimal inventory policies using mathematical mod- els. However, modern inventory management is often complicated by uncertainty and imprecise parameters influenced by factors such as market competition, digital market- ing, e-commerce platforms, and socio-economic conditions. As a result, contemporary inventory challenges have become more complex, requiring researchers to address a wider range of constraints and uncertainties in their models.