EOQ model with a discount rate of inflation and optimisation with pentagonal fuzzy number

DOI10.1504/IJMOR.2021.118757MaRDI QIDQ2073513zbMATH OpenOpenAlexFDO

Authors Yanyan Li

Publication date 2 February 2022

Published in International Journal of Mathematics in Operational Research (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1504/ijmor.2021.118757

zbMATH Keywords

deteriorationdiscount ratefuzzy EOQ modelgraded mean integration methodinflationpentagonal fuzzy numbersigned distance method

Mathematics Subject Classification ID

Inventory, storage, reservoirs (90B05) Fuzzy and other nonstochastic uncertainty mathematical programming (90C70)

Review text

Summary: An EOQ model for deteriorating items under inflation over a finite time horizon is to be discussed here. This article derived a classical and fuzzy model for the effects of deterioration and inflation without any shortage. Due to uncertainty in parameters, we used a pentagonal fuzzy number and then optimise the total inventory cost. For the defuzzification of fuzzy total cost, we use two different methods namely the signed distance method and the graded mean integration method (GMI). Lastly, we discuss some numerical examples, comparative study along with graphical structures, and how this fuzzy model is more reliable for industries.

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Cited in

(1)

• A channel financing policy for an EOQ model of fast-moving consumer goods with fuzzy approach

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