EPQ model with the effect of inflation and reliability for partial trade credit under fuzzy and cloudy fuzzy environment

Abstract

The proposed study offers the first-of-its-kind economic production quantity model for deteriorating items having a demand rate to be price dependent under the effect of inflation and reliability with partial trade credit. The model is extended under an uncertain environment by assuming inventory parameters to be triangular fuzzy numbers and cloudy triangular fuzzy numbers. The objective of the study is to maximize the profit of the inventory system and to identify the most suitable environment for the proposed problem. Results are verified using the numerical study. Furthermore, the comparative study is presented to justify the nature of fuzzy and cloudy fuzzy environments. Sensitivity analysis under all environments is conducted to identify the most sensitive parameters of all.

Keywords:

• EPQ
• partial trade credit
• inflation
• reliability
• triangular fuzzy number
• cloudy triangular fuzzy number

Mathematics Subject Classification:

• 90B05

Disclosure statement

No potential conflict of interest was reported by the author(s).