Economic Order Quantity Models with Exponential Demand Rate and Single Level Trade Credit

Abstract

In case of formulating more realistic inventory models, two factors of the problem have been raising attention of the researchers, one being the change in the demand rate and the other being the different types of trade credits. Keeping in view of these, this study includes an exponential demand rate, where demand is proportional to the derivative of inventory level, under the single level trade credit, which attracts more customers, leading to minimization of total cost. Optimum result for the time cycle and minimum total cost corresponding to the inventory model problems in crisp as well as cloudy and intuitionistic fuzzy situations are obtained by taking a suitable numerical example and the obtained results are presented in graphical form. Sensitivity analysis is carried out corresponding to some key parameters involved in the model problem using the Matlab-15 software and finally it ends with conclusion and future scope for research.