Volume 55, Number 5, September-October 2021
|Page(s)||2991 - 3020|
|Published online||13 October 2021|
An estimation of effects of memory and learning experience on the eoq model with price dependent demand
Department of Mathematics, Indian Institute of Engineering Science and Technology, Shibpur, Howrah 711103, India
2 Department of Applied Science, Maulana Abul Kalam Azad University of Technology, West Bengal, Haringhata, Nadia 741249, India
* Corresponding author: email@example.com.
Accepted: 24 August 2021
In this article, an economic order quantity model has been studied in view of joint impacts of the memory and learning due to experiences on the decision-making process where demand is considered as price dependant function. The senses of memory and experience-based learning are accounted by the fractional calculus and dense fuzzy lock set respectively. Here, the physical scenario is mathematically captured and presented in terms of fuzzy fractional differential equation. The α-cut defuzzification technique is used for dealing with the crisp representative of the objective function. The main credit of this article is the introduction of a smart decision-making technique incorporating some advanced components like memory, self-learning and scopes for alternative decisions to be accessed simultaneously. Besides the dynamics of the EOQ model under uncertainty is described in terms of fuzzy fractional differential equation which directs toward a novel approach for dealing with the lot-sizing problem. From the comparison of the numerical results of different scenarios (as particular cases of the proposed model), it is perceived that strong memory and learning experiences with appropriate keys in the hand of the decision maker can boost up the profitability of the retailing process.
Mathematics Subject Classification: 03E72 / 90B50
Key words: Riemann–Liouville differentiability / Caputo differentiability / Laplace transformation / EOQ model / selling price / lock fuzzy dense / memory
© The authors. Published by EDP Sciences, ROADEF, SMAI 2021
This is an Open Access article distributed under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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