ECO- CONSCIOUS CUSTOMER CENTRIC INVENTORY MODEL WITH FRACTIONAL ORDER APPROACH

N. Martin and M. Kasi Mayan

  DOI:
  https://doi.org/10.37418/amsj.9.4.33

Full Text

Eco friendly inventory models are gaining momentum as the human race is marching towards environmental conservation by battling against waste generation and pollutants. As the global market also revolves with customer as its prime focus, the product production becomes customer centered. To set a balance between eco – consciousness and customer centeredness the environmental costing and customer acquisition costing is incorporated with the costs of inventory. Environmental oriented inventory models are being formulated by the researchers with different solution procedure but less focus of customer centric inventory model prevails. This stimulated us to frame inventory models by integrating the facets of eco consciousness and customer centric with the goal of profit maximization and costs minimization using fractional calculus approach as the application of fractional calculus in optimizing the inventory models is being explored by several scholars and this research work is a contribution to it. This model will aid the decision makers at managerial level.


Keywords:
Centric inventory model, fractional order approach.