AN ENTROPIC ORDER QUANTITY MODEL WITH FUZZY HOLDING COST AND FUZZY DISPOSAL COST FOR PERISHABLE ITEMS UNDER TWO COMPONENT DEMAND AND DISCOUNTED SELLING PRICE

A new type of replenishment policy is suggested in an entropy order quantity model for a perishable product possessing fuzzy holding cost and fuzzy disposal cost. This model represents an appropriate combination of two component demand with discounted selling price, particularly over a finite time horizon. Its main aim lies in the need for an entropic cost of the cycle time is a key feature of specific perishable product like fruits, vegetables, food stuffs, fishes etc. To handle this multiplicity of objectives in a pragmatic approach, entropic ordering quantity model with discounted selling price during pre and post deterioration of perishable items to optimize its payoff is proposed. It has been imperative to demonstrate this model by analysis, which reveals some important characteristics of discounted structure. Furthermore, numerical experiments are conducted to evaluate the difference between the crisp and fuzzy cases in EOQ and EnOQ separately. This paper explores the economy of investing in economics of lot sizing in Fuzzy EOQ, Crisp EOQ and Crisp EnOQ models. The proposed paper reveals itself as a pragmatic alternative to other approaches based on two component demand function with very sound theoretical underpinnings but with few possibilities of actually being put into practice. The results indicate that this can become a good model and can be replicated by researchers in neighbourhood of its possible extensions.