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A Fuzzy EOQ Model for Deteriorating Items Under Trade Credit Policy with Unfaithfulness Nature of Customers

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Real Life Applications of Multiple Criteria Decision Making Techniques in Fuzzy Domain

Part of the book series: Studies in Fuzziness and Soft Computing ((STUDFUZZ,volume 420))

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Abstract

In this study, a fuzzy EOQ model has been developed for deteriorating product with time-dependent deterioration and fixed expiration date under partial trade credit policy, considering unfaithfulness nature of the base customers. This model is a mixed-integer profit maximization problem designed in a crisp and imprecise (fuzzy) environment for the uncertainty of different costs and banking interest involving the inventory control system. The decision variables and input parameters affect in the model are fuzzified. This research investigates about optimal replenishing time and selling price to maximize the profit. Also, a particle swarm optimization (PSO) algorithm has been utilized to obtain the best suitable marketing plan for the decision-maker. Numerous numerical examples are also cited.

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Author information

Authors and Affiliations

  1. Department of Mathematics and Humanities, Sardar Vallabhbhai National Institute of Technology, Surat, Gujarat, India

    Rituparna Mondal & Ranjan Kumar Jana

  2. Department of Applied Mathematics with Oceanology and Computer Programming, Vidyasagar University, Midnapore, Paschim Medinipur, West Bengal, India

    Prasenjit Pramanik

  3. Department of Mathematics, Mahishadal Raj College, Mahishadal, Purba Medinipur, West Bengal, India

    Manas Kumar Maiti

Authors
  1. Rituparna Mondal
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  2. Ranjan Kumar Jana
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  3. Prasenjit Pramanik
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  4. Manas Kumar Maiti
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Corresponding author

Correspondence to Ranjan Kumar Jana .

Editor information

Editors and Affiliations

  1. Department of Computer and Information Science, Raiganj University, Raiganj, West Bengal, India

    Laxminarayan Sahoo

  2. School of Mathematics and Statistics, Southwest University, Chongqing, China

    Tapan Senapati

  3. Iona College, Machine Intelligence Institute, New Rochelle, NY, USA

    Ronald R. Yager

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Mondal, R., Jana, R.K., Pramanik, P., Maiti, M.K. (2023). A Fuzzy EOQ Model for Deteriorating Items Under Trade Credit Policy with Unfaithfulness Nature of Customers. In: Sahoo, L., Senapati, T., Yager, R.R. (eds) Real Life Applications of Multiple Criteria Decision Making Techniques in Fuzzy Domain. Studies in Fuzziness and Soft Computing, vol 420. Springer, Singapore. https://doi.org/10.1007/978-981-19-4929-6_21

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