Fuzzy optimisation of a production model with CNTFN demand rate under trade-credit policy

DOI10.1504/IJMOR.2022.121118MaRDI QIDQ2113814zbMATH OpenOpenAlexFDO

Authors Yanyan Li

Publication date 14 March 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.2022.121118

zbMATH Keywords

centroid methodcloudy normalised triangular fuzzy numberCNTFNEPQ inventory modelextended Yager's ranking index methodfuzzy optimisationTFNtrade-credit schemetriangular fuzzy number

Mathematics Subject Classification ID

Production models (90B30) Fuzzy and other nonstochastic uncertainty mathematical programming (90C70)

Review text

Summary: The presented article deals with an economic production quantity model with a trade-credit policy. The classical (crisp) model presented with a fuzzy demand rate under a cloudy fuzzy environment. The concept of fuzziness affects the inventory model as well as inventory cost, profit, lot size, and all other factors. The centroid method has been used for the defuzzification of the model with triangular fuzzy demand in a general fuzzy environment. To avoid the effect of non-random uncertainties of demand rate in the production, the cloudy fuzzy model has been used here to provide a profitable business under several circumstances. And the Yager's ranking method has been used for defuzzification for the cloudy fuzzy model. The cloudy fuzzy model gives better results instead of deterministic models for the long-run production cycle. Finally, the sensitivity analysis and graphical illustrations of a numerical example justify the model.

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Cited in

(1)

• A study of an EOQ model under cloudy fuzzy demand rate

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