EOQ model with a discount rate of inflation and optimisation with pentagonal fuzzy number. (27th October 2021)

• Record Type: Journal Article
• Authors: Rajput, Neelanjana; Chauhan, Anand; Pandey, R.K.
• Is Part Of: International journal of mathematics in operational research. Volume 20:Number 2(2021)
• Page Start: 264
• Page End: 280
• Publication Date: 2021-10-27
• Subjects: fuzzy EOQ model -- inflation -- discount rate -- deterioration -- graded mean integration method -- pentagonal fuzzy number -- signed distance method; Operations research -- Mathematical models -- Periodicals; Operations research -- Mathematics -- Periodicals; Decision making -- Mathematical models -- Periodicals; 658.4033
• Languages: English
• ISSNs: 1757-5850

Abstract

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.