Abstract
The traditional concept of economic order quantity (EOQ) inventory model is that, the demand rate is continuous throughout the cycle time. But through clinical inquiry anybody can notice something different from that assumption. In reality, for any inventory we usually observe that each day has an unavoidable natural leisure/closing time and at that time no demand rate is viewed. Considering this phenomenon in an EOQ model we may split a day into two parts, one is the opening time period and the other one is closing time period. However, the demand rate which is out-flowed from the system has a measuring error. In the basis of low, zero and excessive measuring error, the model itself is divided into three parts, for a finite cycle time (counted in days only). Due to the flexible nature of the opening and closing time period of the model, a general Fuzzy set and Intuitionistic Fuzzy Optimization (IFO) technique have been analyzed to illustrate the model. Numerical examples and sensitivity analysis have been made with the help of LINGO software and got a wonderful optimum solution near 12-hour opening time duration in a day. Finally a conclusion is made keeping some scope of future work.
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