Chebyshev Inequality and Minimax Distribution Free Procedur In Mixed Inventory Model With Effective Investment to Reduce Lead Time and Setup Cost With Imprecise Demand

Analyzing the Fuzzy Economic Order Quantity Model for Inventory Management

Abstract

Inthis paper, Fuzzy Economic Order Quantity (FEOQ) model is studied to determinethe optimal order quantity, discount backordered cost and lead-time. Whole ofthe study is performed in fuzzy environment. Even today, most of theresearchers are ignoring this concept, just for the sake of simplicity of theirmodels. But due to globalization and cut throat competition, it is the need ofthe hour to study the inventory model in fuzzy environment. So that they canaccurately analyze inventory parameters and hence increase the goodwill of theorganization in market. This paper is a part of my Ph.D. thesis and included inmy thesis as Chapter-4