Journal of Statistics Applications & Probability

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This research introduces a new formulation of multicriteria inventory model with random variables in the right hand side of the constraints. The objective functions are minimizing the total inventory cost (ordering cost, holding cost and purchasing cost), the total storage space, and the workload of several items in a single period. The constraints are order quantity that does not exceed annual demand rate, and storage space could not be greater than the warehouse capacity. In addition, budgetary restriction is stochastic parameter. The subset of efficient solutions of stochastic multicriteria inventory model (SMCIM) can be defined using both chance- constrained and kth-objective ε-constraint approaches. A numerical example will be given to clarify validity of proposed approach.

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