An Algorithm for Solution of an Interval Valued EOQ Model
DOI:
https://doi.org/10.11121/ijocta.01.2013.00113Keywords:
Inventory, Interval arithmetic, Interval valued Demand, Interval lead time, Interval valued inventory cost parametersAbstract
This paper deals with the problem of determining the economic order quantity (EOQ)in the interval sense. A purchasing inventory model with shortages and lead time, whose carryingcost, shortage cost, setup cost, demand quantity and lead time are considered as interval numbers,instead of real numbers. First, a brief survey of the existing works on comparing and ranking anytwo interval numbers on the real line is presented. A common algorithm for the optimum productionquantity (Economic lot-size) per cycle of a single product (so as to minimize the total average cost) isdeveloped which works well on interval number optimization under consideration. A numerical exampleis presented for better understanding the solution procedure. Finally a sensitive analysis of the optimalsolution with respect to the parameters of the model is examined.Downloads
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