Title :
Fuzzy-set theoretic interpretation of economic order quantity
Author_Institution :
Dept. of Ind. Eng., Korea Adv. Inst. of Sci., Seoul, South Korea
Abstract :
Although the economic order quantity (EOQ) formula is probably one of the most famous formulas in the industrial management field, the composition and estimation of the cost parameters have always been vague and imprecise at best. In view of the inherently fuzzy aspect of the cost determination, the EOQ formula is reexamined in a fuzzy-set-theoretic perspective. An introduction to fuzzy systems theory is also provided.
Keywords :
fuzzy set theory; stock control; composition; cost determination; cost parameters; economic order quantity; estimation; fuzzy set theory; industrial management;
Journal_Title :
Systems, Man and Cybernetics, IEEE Transactions on
DOI :
10.1109/TSMC.1987.6499320
