An EPQ model with price discounted promotional demand in an imprecise planning horizon via Genetic Algorithm

Authors:
Sova Pal;Manas Kumar Maiti;Manoranjan Maiti
Affiliations:
Department of Computer Science, Y.S. Palpara Mahavidyalaya, Palpara, Purba-Medinipur, WB 721458, India;Department of Mathematics, Mahishadal Raj College, Mahishadal, Purba-Medinipur, WB 721628, India;Department of Computer Application, Gurunanak Institute of Technology, Kolkata, WB 700114, India
Venue:
Computers and Industrial Engineering
Year:
2009

Citing 4
Cited 4

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Abstract

An economic production quantity (EPQ) model for a newly launched product is developed in an imprecise planning horizon, i.e., lifetime of the product is fuzzy in nature. At the beginning of each cycle price discount is offered to boost the demand. Demand depends on time and price during the price discount period. After withdrawal of price discount, demand depends on price only. Here, learning effect on production and set-up cost is incorporated. Models are formulated for both the crisp and fuzzy inventory parameters. Fuzzy models are transferred to deterministic ones following possibility/necessity measure on fuzzy goal and necessity measure on imprecise constraints. Finally optimal decision is made using Genetic Algorithm (GA).