Mathematics and Statistics Vol. 10(1), pp. 251 - 261
DOI: 10.13189/ms.2022.100124
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Fuzzy EOQ Model for Time Varying Deterioration and Exponential Time Dependent Demand Rate under Inflation

K.Geetha ^*, S.P.Reshma
Department of Mathematics, Emerald Heights College for Women, Udagamandalam, The Nilgiris, Tamil Nadu, India

ABSTRACT

In this study we have discussed a fuzzy eoq model for deteriorating products with time varying deterioration under inflation and exponential time dependent demand rate. Shortages are not allowed in this fuzzy eoq model and the impact of inflation is investigated. An inventory model is used to determine whether the order quantity is more than or equal to a predetermined quantity for declining items.The optimal solution for the existing model is derived by taking truncated taylor’s series approximation for finding closed form optimal solution. The cost of deterioration, cost of ordering, cost of holding and the time taken to settle the delay in account are considered using triangular fuzzy numbers. In this study the fuzzy triangular numbers are used to estimate the optimal order quantity and cycle duration. Furthermore we have used graded mean integration method and signed distance approach to defuzzify these values. To validate our model numerical examples are discussed for all cases with the help of sensitivity analysis for different parameters. Finally, a higher decay rate results in a shorter ideal cycle time as well as higher overall relevant cost is established. The presented model can be used to predict demand as a quadratic function of time,stock level time dependent demand, selling price, and other variables.

KEYWORDS
Inventory, Inflation, Exponential Time Dependent, Triangular Fuzzy Number, Defuzzification

Cite This Paper in IEEE or APA Citation Styles
(a). IEEE Format:
[1] K.Geetha , S.P.Reshma , "Fuzzy EOQ Model for Time Varying Deterioration and Exponential Time Dependent Demand Rate under Inflation," Mathematics and Statistics, Vol. 10, No. 1, pp. 251 - 261, 2022. DOI: 10.13189/ms.2022.100124.

(b). APA Format:
K.Geetha , S.P.Reshma (2022). Fuzzy EOQ Model for Time Varying Deterioration and Exponential Time Dependent Demand Rate under Inflation. Mathematics and Statistics, 10(1), 251 - 261. DOI: 10.13189/ms.2022.100124.