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

Author

Listed:
  • Neelanjana Rajput
  • R.K. Pandey
  • Anand Chauhan

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.

Suggested Citation

  • Neelanjana Rajput & R.K. Pandey & Anand Chauhan, 2022. "Fuzzy optimisation of a production model with CNTFN demand rate under trade-credit policy," International Journal of Mathematics in Operational Research, Inderscience Enterprises Ltd, vol. 21(2), pages 200-220.
    • Handle: RePEc:ids:ijmore:v:21:y:2022:i:2:p:200-220
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    Cited by:

    1. Mandeep Mittal & Vibhor Jain & Jayanti Tripathi Pandey & Muskan Jain & Himani Dem, 2023. "Optimizing Inventory Management: A Comprehensive Analysis of Models Integrating Diverse Fuzzy Demand Functions," Mathematics, MDPI, vol. 12(1), pages 1-18, December.

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