Cost Analysis on a Fuzzy Inventory Model with Ranking of Circumcenter of the Centroid of Pentagonal Fuzzy Number

In many applications, a ranking of fuzzy numbers is an important and prerequisite procedure for decision makers. Firstly, in 1976, Jain proposed a method for ranking fuzzy numbers, and then a large variety of methods were developed to rank fuzzy numbers. Recently Nirmal Kumar Mandal (2012), worked out the fuzzy economic order quantity model with ranking a triangular fuzzy number. In this paper, a fuzzy inventory model with alternative power supply cost (generator cost) is explored. The cost parameters and demand are represented by a pentagonal fuzzy number and also a new method is proposed which deals with the ranking pentagonal fuzzy number using circumcenter of the centroid. Further, this method uses an index of optimism to reflect the decision maker’s optimistic attitude and also uses an index of modality that represents the neutrality of the decision maker. The model is worked out through a fuzzy non-linear programming technique.