Comparative Analysis of Fuzzy Entropic Order Quantity (FEnOQ) Model
Journal Title: Saudi Journal of Business and Management Studies - Year 2017, Vol 2, Issue 3
Abstract
Abstract: This paper focuses on comparative analysis of fuzzy entropic economic order quantity model in presence of flexible ordering cost in finite planning horizon. The objective of this fuzzy model is to optimize the net profit so as to determine the entropic order quantity, the number of replenishment cycle and flexible ordering cost. After testing optimality and concavity of the net profit function it is compared with other different models through suitable numerical examples which show that an appropriate optimal fuzzy entropic paradigm may benefit the manufacturer. Hence, this paper shows a numerical example which elucidates the impact of entropy, flexible ordering cost and fuzzy. Finally, sensitivity analyses and ANOVA testing of the present model are presented to validate the effectiveness and sensitivity of the different parameters with respect to the fuzzy net profit of the proposed new fuzzy model. The proposed mathematical model has demonstrated how this fuzzy approach to decision making can achieve a global optimum and outperform the traditional models. Keywords: Fuzzy, Entropy, FEnOQ, Flexible ordering cost, Profit, ANOVA
Authors and Affiliations
Padmabati Gahan, Monalisha Pattnaik, Sourav Dhal
Keywords
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