Profit Optimization of products at different selling prices with fuzzy linear programming problem using situational based fuzzy triangular numbers

• Published in: Journal of physics. Conference series 2020-05, Vol.1531 (1), p.12085
• Main Authors: kumar, Rakesh, Chandrawat, Rajesh Kumar, Joshi, Varun
• Format: Article
• Language: English
• Subjects: Comparative studies; fuzzy linear programming problem; Linear programming; Mathematical analysis; Maximization; Maximization of selling price and profit; Optimization; Pipe fittings; Prices; Pricing; Production costs; Profits; triangular fuzzy number
• ISSN: 1742-6588; 1742-6596
• DOI: 10.1088/1742-6596/1531/1/012085

The main objective of the manufacture industry is to acquire the maximum profit by minimizing the production cost and maximization of the selling price of the different products fabricated by them. After accomplishment of the optimal value for the production cost the industry focuses on maximizing the selling price of items. However, the competitiveness and uncertainty of the market, the supplier sells their products of discrete selling prices. Therefore, their profit is fluctuated. Such situations to find the optimization of the profit is the main issue of the firm and such destruction can be mitigated with the help of fuzzy linear programming problem. In FLP coefficients of the objective function, constraint variables and the solution values are represented by fuzzy numbers. In this paper, proposed a newly constructed triangular fuzzy numbers (TFN∼τ1) which represent the various realistic circumstances for the selling prices of the various items of manufacturers and then TFN∼τ2 based on TFN∼τ1 is constructed which shows the all possible states of the profit received accordingly numerous sell prices industry might be earned. The data of "R.P.S entrepreneur Jalandhar" is taken which manufacture special types of pipe fitting items with particular sizes according to the demand in Punjab region. We constructed the general structure of the FLP to obtain all attainable bound of the optimal values using newly constructed TFNs. After that a comparative study of the optimal FLP to achieve the membership grades in all conceivable latitude.