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Fuzzy optimisation for economic ordered quantity model with stock-dependent demand and nonlinear holding cost

Author

Listed:
  • Anubhav Pratap Singh
  • Sahedev
  • Shikha Bhandari
  • Anand Chauhan

Abstract

Effective inventory management process in the food industry is essential for running a profitable food business. Stock control helps keep costs of goods sold and losses associated with food waste to a minimum while assuring that each customer is consuming fresh, quality food. This study explores uncertain prospects of the economic order quantity model in which demand and holding costs are stock dependent, and the proposed model is applicable for both shortages and partial backlogged. Presence of uncertainty in various aspects of food industries, the fuzzy approach with a trapezoidal fuzzy number has been developed and solved by the graded mean integration. This study established an appropriate number of orders and level of inventory so that the overall profit/unit time of the retailer is maximised. Numerical example and sensitivity analysis, performed to check the model's stability, which is observed to be quite stable.

Suggested Citation

  • Anubhav Pratap Singh & Sahedev & Shikha Bhandari & Anand Chauhan, 2024. "Fuzzy optimisation for economic ordered quantity model with stock-dependent demand and nonlinear holding cost," International Journal of Procurement Management, Inderscience Enterprises Ltd, vol. 20(4), pages 501-523.
    • Handle: RePEc:ids:ijpman:v:20:y:2024:i:4:p:501-523
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