Economic Order Quantity in a Fuzzy Environment for a Periodic Inventory Model with Variable Demand
Abstract
The technique of limiting expenditure plays a critical part in an organization’s ability to governthe smooth operation of its management system. The economic order quantity is calculated by solving a nonlinearproblem, and the best solution is investigated in a fuzzy and intuitionistic fuzzy environment. The overall cost ismade up of several factors, such as demand, holding, and ordering costs. The demand and stock-out characteristicsare fuzzified using fuzzy and intuitionistic fuzzy numbers. Numerical analysis results show the relation between thetwo fuzzy numbers on the basis of sensitivity analysis.
Keywords
Economic order quantity, EOQ, triangular intuitionistic fuzzy number, TIFN, triangular fuzzyMetrics