Inventory Model with Demand Dependent on Unit Price under Fuzzy Parameters and Decision Variables
S.Ranganayaki1, R.Kasthuri2 and P.Vasanthi3
1Dr.S.Ranganayaki, Department of Mathematics, Sri Ramakrishna Engineering College, Coimbatore, India.
2Dr.R.Kasthuri, Department of Mathematics, Sri Ramakrishna Engineering College, Coimbatore, India.
3Dr.P.Vasanthi, Department of Mathematics, Sri Ramakrishna Engineering College, Coimbatore, India.
Manuscript received on 15 August 2019. | Revised Manuscript received on 25 August 2019. | Manuscript published on 30 September 2019. | PP: 784-788 | Volume-8 Issue-3 September 2019 | Retrieval Number: C4013098319/19©BEIESP | DOI: 10.35940/ijrte.C4013.098319
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: An EOQ model with demand dependent on unit price is considered and a new approach of finding optimal demand value is done from the optimal unit cost price after defuzzification. Here the cost parameters like setup cost, holding cost and shortage cost and also the decision variables like unit price, lot size and the maximum inventory are taken under fuzzy environment. Triangular fuzzy numbers are used to fuzzify these input parameters and unknown variables. For the proposed model an optimal solution has been determined using Karush Kuhn-Tucker conditions method. Graded Mean Integration (GMI) method is used for defuzzification. Numerical solutions are obtained and sensitivity analysis is done for the chosen model.
Keywords: Crisp and Fuzzy total cost, Demand dependent on unit price, Graded Mean Integration, Triangular fuzzy numbers.
Scope of the Article: Fuzzy Logics