Selection of Inventory Policy under Pythogrean Fuzzy Environment

Abstract

This paper is an application of inventory policy selection using Grey Relational Analysis (GRA) under Pythagorean Fuzzy Environment. Ranking of inventory policy is a complex multiple criteria decision making (MCDM) problem. The multi-criteria problem comprises qualitative and quantitative factors that are uncertain and contradictory. These factors are not always crisp and are some of the times subjected to vagueness because of the unreliable nature of the data collected. Hence, they are considered in the Pythagorean fuzzy environment which removes this vagueness by assigning membership and non-membership functions to these factors. A comparison of GRA method is made with VIKOR for determining the rank of the best inventory policy. A numerical example is depicted to outline the application of these two algorithms. The first rank of one of the inventory policies is the same by both these methods. Spearman Rank Correlation is utilized to compare the results of both the methods; a high correlation value illustrates the validity of the methods used for comparison of the results.