EOQ model for deteriorating items with fuzzy demand and finite horizon under inflation effects
Year: 2024
Type: article
Abstract: In this research, we explore an innovative finite horizon Economic Order Quantity (EOQ) model for items that deteriorate over time, incorporating the effects of inflation and fuzzy demand characteristics. By applying the centroid method, we translate the fuzzy objective function into a precise, crisp equivalent. Our study introduces a novel approach to determining the optimal replenishment frequency using advanced calculus techniques. To validate the model, we present detailed numerical examples and conduct a sensitivity analysis to examine how variations in model parameters affect the outcomes. This study advances the field by integrating fuzzy logic with economic inventory models and provides insights into managing inventory with deteriorating items in an inflationary environment.
Authors: Kunal Shah, Hardik Joshi
Institution: LJ University
Language: English
Subfield: Management Information Systems
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W4402309872