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Artificial bee colony optimization-inspired synergetic study of fractional-order economic production quantity model

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Abstract

Inventory control is one of the most widely recognized issues in the reality. This investigation manages the utilization of fractional derivatives and integration on an inventory control problem. The memory of a dynamical model is a highly concerned issue which is commonly neglected by the models described in terms of integer-order differential equation. The memory capturing the power of fractional derivative (in Caputo’s sense) is utilized here to describe an economic production quantity model with deterioration when the demand depends on price and stock and production is stock dependent. Also, this study covers the integer-order model with the same assumptions as a memoryless model and a particular case of the fractional model. Due to the complex nature of the model, numerical optimization with the help of a modified artificial bee colony algorithm is done instead of the analytical approach of optimization. Finally, we have performed a sensitivity analysis in order to make a fruitful conclusion.

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Authors and Affiliations

  1. Department of Mathematics, Indian Institute of Engineering Science and Technology, Shibpur, Howrah, 711103, India

    Mostafijur Rahaman

  2. Department of Applied Science, Maulana Abul Kalam Azad University of Technology, West Bengal, Haringhata, Nadia, West Bengal, 741249, India

    Sankar Prasad Mondal

  3. Department of Mathematics, University of Burdwan, Golapbag, Burdwan, West Bengal, India

    Ali Akbar Shaikh

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

    Prasenjit Pramanik

  5. Department of Computer Science and Engineering, Maulana Abul Kalam Azad University of Technology, West Bengal, Haringhata, Nadia, West Bengal, 741249, India

    Samarjit Roy & Debashis De

  6. Department of Mathematics, Mahishadal Raj College, Mahishadal, Purba-Medinipur, West Bengal, 721628, India

    Manas Kumar Maiti

  7. Applied Mathematics and Humanities Department, Sardar Vallabhbhai National Institute of Technology, Surat, Gujrat, India

    Rituparna Mondal

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  1. Mostafijur Rahaman
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Correspondence to Sankar Prasad Mondal.

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Rahaman, M., Mondal, S.P., Shaikh, A.A. et al. Artificial bee colony optimization-inspired synergetic study of fractional-order economic production quantity model. Soft Comput 24, 15341–15359 (2020). https://doi.org/10.1007/s00500-020-04867-y

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