Multisection Technique to Solve Interval-valued Purchasing Inventory Models without Shortages

Abstract

This paper investigates an interval valued economic order quantity (EOQ) problem without shortage. Since it is almost impossible to find an analytic method to solve the proposed model, an optimization algorithm is designed. First, a brief survey of the existing works on comparing and ranking any two interval numbers on the real line is presented. Finally, the effectiveness of the designed algorithm is illustrated by a numerical example.