Title: Fuzzy optimisation of a production model with CNTFN demand rate under trade-credit policy

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

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

Abstract: The presented article deals with an economic production quantity model with a trade-credit policy. The classical (crisp) model presented with a fuzzy demand rate under a cloudy fuzzy environment. The concept of fuzziness affects the inventory model as well as inventory cost, profit, lot size, and all other factors. The centroid method has been used for the defuzzification of the model with triangular fuzzy demand in a general fuzzy environment. To avoid the effect of non-random uncertainties of demand rate in the production, the cloudy fuzzy model has been used here to provide a profitable business under several circumstances. And the Yager's ranking method has been used for defuzzification for the cloudy fuzzy model. The cloudy fuzzy model gives better results instead of deterministic models for the long-run production cycle. Finally, the sensitivity analysis and graphical illustrations of a numerical example justify the model.

Keywords: fuzzy optimisation? cloudy normalised triangular fuzzy number? CNTFN? EPQ inventory model? trade-credit scheme? triangular fuzzy number? TFN? centroid method? extended Yager' s ranking index method.

DOI: 10.1504/IJMOR.2022.121118

International Journal of Mathematics in Operational Research, 2022 Vol.21 No.2, pp.200 - 220

Received: 31 Jul 2020
Accepted: 05 Jan 2021
Published online: 25 Feb 2022 *

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