Abstract
Through the investigation of an Economic Order Quantity (EOQ) model, it has been observed that the estimated inventory cost and starting time inventory cost are not necessarily the same. This arises as a result of the time gap in between the time of estimation and the starting time of the EOQ system, and a permissible delay in payment will affect the inventory total cost. Moreover, the political instability or uncertainty of a country (as well as the whole world) leads to a much more unstable situation in the present world economy. Thus, a change in inflation takes place, and the inflation rate is uncertain in nature. This study develops an EOQ model with a fuzzy inflation rate and fuzzy deterioration rate, and a delay in payment is also permissible. We have derived the corresponding fuzzy cost function, and the solution procedure has been explained with the help of a numerical example. A sensitivity analysis has also been carried out.
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