 Fuzzy optimisation for economic ordered quantity model with stock-dependent demand and nonlinear holding costAnubhav Pratap Singh, Sahedev, Shikha Bhandari and Anand Chauhan International Journal of Procurement Management, 2024, vol. 20, issue 4, 501-523 Abstract: Effective inventory management process in the food industry is essential for running a profitable food business. Stock control helps keep costs of goods sold and losses associated with food waste to a minimum while assuring that each customer is consuming fresh, quality food. This study explores uncertain prospects of the economic order quantity model in which demand and holding costs are stock dependent, and the proposed model is applicable for both shortages and partial backlogged. Presence of uncertainty in various aspects of food industries, the fuzzy approach with a trapezoidal fuzzy number has been developed and solved by the graded mean integration. This study established an appropriate number of orders and level of inventory so that the overall profit/unit time of the retailer is maximised. Numerical example and sensitivity analysis, performed to check the model's stability, which is observed to be quite stable. Keywords: optimisation; economic order quantity; EOQ; stock-dependent demand; nonlinear holding cost; trapezoidal fuzzy number; graded mean integration method. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:ijpman:v:20:y:2024:i:4:p:501-523 Access Statistics for this article More articles in International Journal of Procurement Management from Inderscience Enterprises Ltd |
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