Title: EOQ model with a discount rate of inflation and optimisation with pentagonal fuzzy number

Authors: Neelanjana Rajput; Anand Chauhan; R.K. Pandey

Addresses: Department of Mathematics, D.B.S. (P.G.) College, Rajpur Road, Dehradun, Pin 248001, Uttarakhand, India ' Department of Applied Sciences, Graphic Era University, Bell Road, Clementown Dehradun, Pin 248001, Uttarakhand, India ' Department of Mathematics, D.B.S. (P.G.) College, Rajpur Road, Dehradun, Pin 248001, Uttarakhand, India

Abstract: An EOQ model for deteriorating items under inflation over a finite time horizon is to be discussed here. This article derived a classical and fuzzy model for the effects of deterioration and inflation without any shortage. Due to uncertainty in parameters, we used a pentagonal fuzzy number and then optimise the total inventory cost. For the defuzzification of fuzzy total cost, we use two different methods namely the signed distance method and the graded mean integration method (GMI). Lastly, we discuss some numerical examples, comparative study along with graphical structures, and how this fuzzy model is more reliable for industries.

Keywords: fuzzy EOQ model; inflation; discount rate; deterioration; graded mean integration method; pentagonal fuzzy number; signed distance method.

DOI: 10.1504/IJMOR.2021.118757

International Journal of Mathematics in Operational Research, 2021 Vol.20 No.2, pp.264 - 280

Received: 08 Apr 2020
Accepted: 21 Jul 2020
Published online: 04 Nov 2021 *

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