Inflation Based Fuzzy EOQ Model
European Journal of Molecular & Clinical Medicine,
2020, Volume 7, Issue 7, Pages 3688-3695
AbstractThe purpose of filling is to continue the flow of goods through the system. Implementing a tailored compensation policy is an important issue in developing the production ordering model. Inflation effects the Cost values in an inventory system. Financial state of any organization depends largely on the fluctuations in the inflation rate. Based on the above context this document provides a detailed policy of defective items for different cycle times subject to inflation and incorporating the uncertainties prevailing in the environment. The change in the cost parameters over a passage of time is included in the fuzzy sense so as bring the model close to a realistic solution. Insufficiency in the supply of the goods is partially fulfilled. Validation of the results in done through numerical example.
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