Open AccessTwo decision makers’ single decision over a back order EOQ model with dense fuzzy demand rate
Author(s) -
SumanMaity,
Sujit Kumar De,
Madhumangal Pal
Publication year - 2018
Publication title -
finance and market
Language(s) - English
Resource type - Journals
ISSN - 2424-8401
DOI - 10.18686/fm.v3.1061
Subject(s) - economic order quantity , fuzzy logic , defuzzification , decision maker , order (exchange) , operations research , fuzzy set , negotiation , set (abstract data type) , mathematical optimization , computer science , membership function , fuzzy number , mathematical economics , mathematics , economics , artificial intelligence , supply chain , business , marketing , political science , programming language , finance , law
In this article we develop an economic order quantity (EOQ) model with backlogging where the decision is made jointly from two decision maker supposed to view one of them as the industrialist (developer) and the other one as the responsible manager. The problem is handled under dense fuzzy environment. In fuzzy set theory the concept of dense fuzzy set is quite new which is depending upon the number of negotiations/ turnover made by industrial developers with the supplier of raw materials and/or the customers. Moreover, we have discussed the preliminary concept on dense fuzzy sets with their corresponding membership functions and appropriate defuzzification method. The numerical study explores that the solution under joint decision maker giving the finer optimum of the objective function. A sensitive analysis, graphical illustration and conclusion are made for justification the new approach.