An Inventory Control Model in the Framework of COVID-19 Disruptions Considering Overage Items with Neutrosophic Fuzzy Uncertainty

With the goal of profit maximization and overage control, a mathematical model in a single valued triangular neutrosophic fuzzy environment has been designed to fulfil the demands of the industrial sectors during pandemic situations. This research presents that overage is a crucial factor because even in well-arranged businesses, some proportion of the items might be in overage during a prescribed time interval. Well-planned inventory is important to the successful operation of healthiest businesses. The costs of occurrence of overage factors are converted to fuzzy model, and the overall profit is calculated using the signed distance technique and compared using a numerical example. To determine how the overage will influence the overall system, a sensitivity analysis is undertaken. The ideal amount that provides the maximum value of the projected profit per unit of time is found in both crisp and fuzzy models. The suggested maximizing model will undoubtedly aid decision-makers in dealing with overage circumstances induced by pandemic social distance. The new method of this research is to model the merger of profit maximization and overage concept in the framework of COVID-19 to benefit the inventory management and supply chain sectors. Keywords: EOQ model; Neutrosophic fuzzy; Profit maximization; COVID-19; Signed distance method