A Review on Fuzzy Economic Order Quantity Model under Shortage

Abstract

Fuzzy set theory has a remarkable progress in the field of research. It initiates many areas in both practical & theoretical studies. It is really useful for several people engaged in research and development including medical researchers, mathematician, businessman, social scientists, natural researchers etc. This field of mathematics has introduced new life into technical and scientific fields that have been undeveloped for a long period. Thousands of scholars are operating and working with fuzzy set theory and presented a lot of research papers. In this paper latest review of existing literature & numerous types of fuzzy EOQ inventory models under shortage situation. It assists to categorize how the concept of fuzzy sets theory has been applied in inventory models which motivate researchers to concentrating on new technique in study of inventory control models in fuzzy environment. In this review, we study desirable constraints of existing models in fuzzy environment under shortage of supplies. A lot of effort is attempted to deliver the latest review of existing literature of inventory and fuzzy models. The purpose of the work is to obtain a continuous and comprehensive assessment of existing literature and recognize upcoming research guidelines. This review helps other researchers to draft an outcome during the situation of short supplies. This will also help to manage inventory according to the situation & reduce the loss during shortage of supplies, this review also helps to reduce loss with proper inventory management in real-life applications and marketable products.