An EOQ Model with Price and Stock-Dependent Demand Including Trade Credit Using De-intuitification Technique Under Triangular Intuitionistic Fuzzy Environment

Shilpi Pal and Avishek Chakraborty
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Shilpi Pal: Narula Institute of Technology, Department of Basic Science
Avishek Chakraborty: Academy of Technology, Department of Engineering Science

Chapter Chapter 28 in Fuzzy Optimization, Decision-making and Operations Research, 2023, pp 639-657 from Springer

Abstract: Abstract In this chapter, we mainly focus on economic ordered quantity (EOQ) model under both crisp and uncertain scenario. Here the uncertainty or the vagueness is clearly described using triangular intuitionistic fuzzy number. The chapter has developed the removal area technique to de-intuitificate the triangular intuitionistic fuzzy number. In this respect, an EOQ model is considered where price and stock depended on demand with backlogging, shortages, and inflation. The model has considered two situations for the trade credit period. First, if the supplier arrives to collect the money before the stock end and secondly, if the supplier arrives after the completion of the stock. The model is optimized under both the situation and the result is developed for different periods of the arrival of supplier. A numerical simulation has been performed to check the optimality of the model in different situations. In this chapter, a comparative study is made for both crisp and intuitionistic value and it is observed that the model works well when the de-intuitification technique is applied. Also, a sensitivity analysis is carried out to understand the effect of the key parameters under optimal situation.

Keywords: Triangular Intuitionistic Number; De-intuitification; EOQ Model; Delay in payment; Inflation (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-35668-1_28

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DOI: 10.1007/978-3-031-35668-1_28

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