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An EOQ model for time dependent deteriorating item with imprecise seasonal time

Author: 
Maiti, A. K.
Subject Area: 
Physical Sciences and Engineering
Abstract: 

Here, inventory model of a deteriorating item during its seasonal time is considered where lifetime of an item has an upper limit. Rate of deterioration increases with time and depends on the duration of lifetime left. It is assumed that duration of the season of the item is imprecise in nature in non-stochastic sense, i.e., fuzzy in nature. Demand of the item is price dependent and unit cost of item is time dependent. Unit cost is a decreasing function at the beginning of the season and an increasing function at the end of the season and is constant during the remaining part of the season. The model is formulated to maximize the total proceeds out of the system from the planning horizon which is fuzzy in nature. As optimization of fuzzy objective is not well defined, using credibility measure of fuzzy event, an approach is proposed for comparison of two fuzzy objectives and using this approach a dominance based Particle Swarm Optimization (PSO) algorithm is proposed to find marketing decision for the decision maker (DM). In particular case when planning horizon is crisp, the model is also solved. The models are illustrated with some numerical examples and some sensitivity analyses have been made.

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