Optimisation of a sustainable fuzzy EPQ inventory model using sextic equation

S. Ganesan and R. Uthayakumar

European Journal of Industrial Engineering, 2022, vol. 16, issue 4, 442-478

Abstract: We develop a fuzzy EPQ inventory model to achieve sustainability and profit maximisation. Cost measures are included at every stage of the production and inventory process to handle carbon emissions safely. Fuzzy number representation of the input parameters helps to accommodate uncertainties in the inventory decision-making process. The fuzzy net profit function's ambiguity level determines the degree of uncertainty in the net profit. Descartes' rule of signs is used in a sextic equation to establish a solution to the optimal length of the production run. The numerical results show that increasing ambiguity in the fuzzy profit function will decrease the net profit. Accuracy in predicting production cost, setup cost, and annual demand is essential as the net profit is more sensitive to these parameters. A multivariate regression equation is fitted to estimate a possible crisp net profit from the corresponding fuzzy net profit for given demand and production rates. [Submitted: 15 June 2019; Accepted: 24 April 2021]

Keywords: sustainability; EPQ inventory; trapezoidal fuzzy number; Descartes' rule of signs. (search for similar items in EconPapers)
Date: 2022
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