A soft-computing approach to multi-item fuzzy EOQ model incorporating discount. (1st January 2012)

• Record Type: Journal Article
• Authors: Bera, Uttam Kumar; Maiti, Ajoy Kumar
• Is Part Of: International journal of information and decision sciences. Volume 4:Number 4(2012)
• Page Start: 313
• Page End: 328
• Publication Date: 2012-01-01
• Subjects: EOQ model -- contractive mapping genetic algorithm -- CMGA -- ALU -- incremental quantity discount -- IQD -- fuzzy inventory; Decision making -- Periodicals; Decision support systems -- Periodicals; Management science -- Periodicals; 658.40305
• Languages: English
• ISSNs: 1756-7017

Abstract

Contractive mapping genetic algorithm (CMGA) with logic structures has been developed and implemented for multi-item EOQ models with all unit discount (AUD), incremental quantity discount (IQD) and a combination of these discounts having fuzzy objective goal and resources. Here, AUD or/and IQD with two price breaks on purchasing price are allowed. For storage, warehouse capacity is limited but imprecise in nature. Selling price is mark-up of the purchasing cost. Profit function is formulated for the system incorporating impreciseness in it and is maximised using CMGA. The impreciseness in storage space and profit goal has been represented by fuzzy linear membership functions. For the present model, CMGA has been developed in real code representation and has been successfully implemented to obtain the optimum order quantities for the fuzzy inventory model with price-breaks in order to achieve the maximum profit. Numerical examples are provided to illustrate the model and sensitivity analyses with respect to different demand have been performed.