Authors: Ritu Arora; Anubhav Pratap Singh; Renu Sharma; Anand Chauhan
Addresses: Department of Mathematics and Statistics, Gurukul Kangri (Deemed to be University), Haridwar-249404, India ' Department of Mathematics, S.G.R.R. (PG) College, Dehradun-248001, India ' Department of Mathematics and Statistics, Gurukul Kangri (Deemed to be University), Haridwar-249404, India ' Department of Mathematics, Graphic Era (Deemed to be University), Dehradun-248001, India
Abstract: The purpose of this study is to explore the research for a decision-maker to minimise the total cost of the newly launched products of good quality and to control the inventory introduced in the market. This research provides the modification way of the stock to regulate the inventory management of the retailer. Due to the uncertainty in the marketplace, various parameters like a shortage, ordering, and deteriorating cost not fixed in nature. So, it is difficult to obtain the proper estimate of such costs. In this paper, we develop a traditional economic order quantity model with a fuzzy approach and provide a suitable structure to handle such uncertain parameters, improving the exactness and computational efficiency of the inventory system. The optimal solution of the problem is done with the method of graded mean integration. The model illustration is demonstrated through the appropriate numerical and sensitivity analysis.
Keywords: graded mean integration technique; credibility induced demand; procurement time; order quantity; deterioration; uncertainty; optimisation.
International Journal of Services Operations and Informatics, 2021 Vol.11 No.1, pp.13 - 26
Received: 29 Jul 2020
Accepted: 30 Jul 2020
Published online: 08 Apr 2021 *