Multi-objective sustainable inventory model with shortages and radio frequency identification under uncertain environment

This study analyses the multi-objective inventory optimisation, where demand is influenced by both selling price and marketing efforts. In traditional inventory problem, profit or cost is optimised through single objective function. Here, we identify two conflicting aspects and treat them as separate objective functions which present multi-objective scenarios. To deal with real scenario in the formulated model, shortages, emissions, fuzzy-random numbers, RFID, money inflation are permitted. During production, some products are defective; among these, some are repairable while others are not. Repairable products are fixed, whereas non-repairable products are sent to a reclamation centre. From there, usable parts are retained, and remaining parts are disposed. Application example is included and then solved. The findings indicate that this model is the superior model of the traditional inventory models. Subsequently, a sensitivity analysis subject to the primary parameters is incorporated to verify the reliability of the proposed study which leads to some intriguing managerial insights that helped the decision maker to make some suitable and qualitative decisions.