Random fuzzy EOQ model with imperfect quality items |
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Authors: | Xiaobin Wang Wansheng Tang Ruiquing Zhao |
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Institution: | (1) Institute of Systems Engineering, Tianjin University, Tianjin, 300072, China;(2) School of Computer and Information Engineering, Shandong University of Finance, Shandong, Jinan, 250014, China |
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Abstract: | This paper investigates an economic order quantity (EOQ) problem with imperfect quality items, where the percentage of imperfect
quality items in each lot is characterized as a random fuzzy variable while the setup cost per lot, the holding cost of each
unit item per day, and the inspection cost of each unit item are characterized as fuzzy variables, respectively. In order
to maximize the expected long-run average profit, a random fuzzy EOQ model is constructed. Since it is almost impossible to
find an analytic method to solve the proposed model, a particle swarm optimization (PSO) algorithm based on the random fuzzy
simulation is designed. Finally, the effectiveness of the designed algorithm is illustrated by a numerical example. |
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Keywords: | Inventory Fuzzy variable Random fuzzy variable PSO algorithm |
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