A Multi-objective model for a Chemical Industry considering economic risk and environment

Abstract

The research proposes a multiple objective model considering economic risk and environment in the chemical industry. The economic order quantity (EOQ) model is used for the economic aspect which considers the transportation modes and all unit quantity discount. The objective of this research is to optimize economic, safety and green performance in terms of cost minimization, risk control, and carbon emission reduction. A solution approach to obtain the optimal solution is proposed. A numerical example is performed to demonstrate the applicability and efficacy of the procedures.