A Fuzzy EOQ Model with Exponential Demand and Deterioration with Preservation Technology

Ganesh Kumar
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Ganesh Kumar: University of Rajasthan, Department of Mathematics

Chapter Chapter 27 in Fuzzy Optimization, Decision-making and Operations Research, 2023, pp 619-638 from Springer

Abstract: Abstract Stock management is the most significant consideration in the industry of deteriorating goods such as drugs, pharmaceuticals, eatables, and blood. It is important to use preservation technology to keep them useful for a long time. Many inventory models consider deterioration and use preservation technologies to monitor deterioration. This paper is a contribution involving continuous and instantaneous degradation in which demand is assumed to be exponential, and shortages are not permitted. Preservation technology is used to keep deterioration under control. In most cases, it is optional to make an exact determination of the various costs that are linked with the model. As a result, to get a rough approximation of the results, we first used a method that was a little less precise than others, called the fuzzy approach. Then the problem is made crisp using the defuzzification technique. In both the crisp and fuzzy scenarios, a mathematical formulation is created and solved with a differentiation tool to determine the procedure that achieves the result with the lowest total cost. For justification of the model, numerical illustrations are provided. Managerial perspectives and parameter observations are obtained by keeping one parameter constant while modifying the others. The effect of changes in total cost, economic order quantity, and optimal time on input parameters is investigated.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-35668-1_27

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DOI: 10.1007/978-3-031-35668-1_27

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