An application of parametric approach for interval differential equation in inventory model for deteriorating items with
- PDF / 1,559,641 Bytes
- 17 Pages / 595.276 x 790.866 pts Page_size
- 31 Downloads / 217 Views
(0123456789().,-volV)(0123456789().,-volV)
ORIGINAL ARTICLE
An application of parametric approach for interval differential equation in inventory model for deteriorating items with selling-pricedependent demand Md Sadikur Rahman1 • Avijit Duary1,2 • Ali Akbar Shaikh1 • Asoke Kumar Bhunia1 Received: 29 May 2019 / Accepted: 21 February 2020 Ó Springer-Verlag London Ltd., part of Springer Nature 2020
Abstract Due to the uncertainty of market economy as well as fluctuation of customer’s demand, appropriate modelling of an inventory problem is a challenging task to the researchers/OR practitioners. In order to overcome this type of challenging situation, in this article, using the parametric approach of interval a non-deterministic inventory model for deteriorating items with partially backlogged shortages and interval-valued deterioration rate has been developed. Here, the demand rate is considered to be interval-valued and dependent upon the selling price which is also interval-valued. Also, all the parameters (like ordering cost, holding cost, etc.) except the backlogging parameter have been considered as intervalvalued. The corresponding problem has been formulated as a maximization problem with an interval-valued objective. Then, to solve the said problem, we have used different variants of the QPSO algorithm with interval fitness using interval ranking. Then, the computational results have been illustrated with the help of three numerical examples. Finally, the sensitivity of the solution has been analysed with the changes in the values of different parameters associated with the model and a fruitful conclusion has been drawn. Keywords EOQ Interval-valued deterioration Interval-valued selling-price-dependent demand Partially backlogged shortages Interval-valued cost factors
1 Introduction Control of inventory is an important issue to every business organization. In business sector, proper management of inventory satisfies both the market behaviour and the business people. One of the most important market & Ali Akbar Shaikh [email protected] Md Sadikur Rahman [email protected] Avijit Duary [email protected] Asoke Kumar Bhunia [email protected] 1
Department of Mathematics, The University of Burdwan, Burdwan 713104, India
2
Department of Mathematics, Supreme Knowledge Foundation Group of Institutions, Mankundu, Hooghly 712139, India
behaviours is customers’ demand which is controlled by efficient and effective management of inventory. For the deterministic inventory model, demand rate may be constant or price dependent or stock dependent or time dependent. However, for the non-deterministic model, demand rate may be probabilistic or fuzzy set or intervalvalued with price dependent or interval-valued with time dependent. Besides demand rate, deterioration rate, backlogged shortages, selling price, holding cost and other related costs are also most important and significant parameters in inventory management. In our daily life, there are so many commodities like, food grai
Data Loading...
