Random fuzzy EOQ model with imperfect quality items

Authors:
Xiaobin Wang;Wansheng Tang;Ruiquing Zhao
Affiliations:
Institute of Systems Engineering, Tianjin University, Tianjin, China 300072 and School of Computer and Information Engineering, Shandong University of Finance, Shandong, China 250014;Institute of Systems Engineering, Tianjin University, Tianjin, China 300072;Institute of Systems Engineering, Tianjin University, Tianjin, China 300072
Venue:
Fuzzy Optimization and Decision Making
Year:
2007

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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.