A Study of an EOQ Model under Lock Fuzzy Environment

Suman Maity, Sujit Kumar De and Sankar Prasad Mondal
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Suman Maity: Department of Mathematics, Midnapore College (Autonomous), Paschim Medinipur 721101, West Bengal, India
Sujit Kumar De: Department of Mathematics, Midnapore College (Autonomous), Paschim Medinipur 721101, West Bengal, India
Sankar Prasad Mondal: Department of Natural Science, Maulana Abul Kalam Azad University of Technology, Haringhata, Nadia 741249, West Bengal, India

Mathematics, 2019, vol. 7, issue 1, 1-23

Abstract: The present article was developed for the economic order quantity (EOQ) inventory model under daytime, non-random, uncertain demand. In any inventory management problem, several parameters are involved that are basically flexible in nature with the progress of time. This model can be split into three different sub-models, assuming the demand rate and the cost vector associated with the model are non-randomly uncertain (i.e., fuzzy), and these may include some of the retained learning experiences of the decision-maker (DM). However, the DM has the option of revising his/her decision through the application of the appropriate key vector of the fuzzy locks in their final state. The basic novelty of the present model is that it includes a computer-based decision-making process involving flowchart algorithms that are able to identify and update the key vectors automatically. The numerical study indicates that when all parameters are assumed to be fuzzy, the double keys of the fuzzy lock provide a more accurate optimum than other methods. Sensitivity analysis and graphical illustrations are made for better justification of the model.

Keywords: inventory control; natural idle time; dense fuzzy lock set; optimization (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2019
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