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Bridging the gap between probabilistic and fuzzy-parameter EOQ models [An article from: International Journal of Production Economics]
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This digital document is a journal article from International Journal of Production Economics, published by Elsevier in 2004. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.
Description:
Given annual demand D, annual unit carrying cost h, and ordering cost per order s, the economic order quantity (EOQ) is that purchase lot size which minimizes the total annual carrying and ordering costs. Given interval of values for h and s (i.e., uniform distributions), Lowe and Schwarz determined, among other things, that the value of EOQ which minimizes the maximum value of ratio of total cost using wrong estimates of h, s, and Q, over total cost using the right estimates should utilize the geometric means of h and s. Vujosevic et al. considered triangular and trapezoid fuzzy distributions for s and h, and provided various ways to determine Q. In this paper, the author evaluates, compares, and improves/extends these approaches for EOQ model with uncertain parameters.
Description:
Given annual demand D, annual unit carrying cost h, and ordering cost per order s, the economic order quantity (EOQ) is that purchase lot size which minimizes the total annual carrying and ordering costs. Given interval of values for h and s (i.e., uniform distributions), Lowe and Schwarz determined, among other things, that the value of EOQ which minimizes the maximum value of ratio of total cost using wrong estimates of h, s, and Q, over total cost using the right estimates should utilize the geometric means of h and s. Vujosevic et al. considered triangular and trapezoid fuzzy distributions for s and h, and provided various ways to determine Q. In this paper, the author evaluates, compares, and improves/extends these approaches for EOQ model with uncertain parameters.
