Amalgamation of Fuzziness and Randomness in Developing Mathematical Formalism to Some Inventory Problems

Abstract

The first step towards developing a suitable decision for any given decision making problem is to develop a mathematical framework representing it. For this purpose, it is essential to acquire as much information as possible and to quantify this information to a mathematically usable form. In this process, the main difficulty is that the information regarding some or all the parameters involved in the decision may not be known with both precision and certainty.