Optimal solution for a single period inventory model with fuzzy cost and demand as a fuzzy random variable

Dash, J. K.; Sahoo, Anuradha

doi:10.3233/ifs-141402

Cited by 19 publications

(4 citation statements)

References 22 publications

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“…Here, we cite four articles. Dash and Sahoo [19] consider fuzzy random demand and fuzzy cost for a newsvendor problem. They transform a fuzzy single-period inventory model into a crisp model to obtain the optimal order quantities and the expected profit.…”

Section: Literature Reviewmentioning

confidence: 99%

A Constructive Methodology to Solving the Capacitated Newsvendor Problem: an Approximate Approach

Abdel‐Malek

Shan

Montanari

2020

SN Oper. Res. Forum

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The applications of the capacitated newsvendor problem are numerous. They range from inventory control, supply chain management, and airlines seat reservation to stock market applications. While several solution methodologies exist for this problem, most of them require advanced mathematical programming techniques or specifically developed iterative models. To complement these solution approaches and facilitate wider dissemination of this model particularly to upper-undergraduate and first-year graduate students as well as practitioners in related fields, in this paper, we develop an approximate solution methodology that is based on constructive approaches. These approaches already exist in standard textbooks of operations research, management science, and other similar disciplines. The two models utilized in the development are the classical newsvendor and the network flow model. Numerical comparisons are drawn between existing solution methodologies and the developed ones. Also, an example is presented to show the steps of the developed methodology.

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Section: Literature Reviewmentioning

confidence: 99%

A Constructive Methodology to Solving the Capacitated Newsvendor Problem: an Approximate Approach

Abdel‐Malek

Shan

Montanari

2020

SN Oper. Res. Forum

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“…A new robust optimization method for supply chain network design problem was presented by Bai and Liu (2014), and the proposed optimization method incorporated the uncertainties encountered in the manufacturing industry. Dash and Sahoo (2015) presented the optimization of a single period inventory problem, in which the demand was considered as a fuzzy random variable and the purchasing cost as a fuzzy number. Yang et al (2015) proposed a new two-stage optimization method for multi-objective supply chain network design (MO-SCND) problem with uncertain transportation costs and uncertain customer demands, and developed two objectives for the SCND problem on the basis of risk-neutral and riskaverse criteria.…”

Section: Literature Reviewmentioning

confidence: 99%

A risk-averse multi-item inventory problem with uncertain demand

Liu

2019

J. of Data, Inf. and Manag.

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The observed values of demands in real-life inventory problems are sometimes imprecise due to the lack of information and historical data, thus a growing research is committed to study the properties of risk measures in fuzzy inventory optimization problems. In this paper, a risk-averse fuzzy optimization method is adopted for the multi-item inventory problem, in which the demands are described by common possibility distributions. Firstly, three classes of fuzzy inventory optimization models are built by combining the absolute semi-deviation with expected value operator and then model analysis is given for the min-max inventory models. To make the inventory problem tractable and computable, the equivalent forms of the proposed optimization models are discussed. Subsequently, several useful absolute semi-deviation formulas are presented under triangular, trapezoidal and Erlang possibility distributions. Finally, some numerical experiments are performed to highlight the modeling idea, and the computational results demonstrate the effectiveness of the solution method.

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“…Both in crisp and fuzzy environment, solution procedure is provided. Also some model under fuzzy frame has presented by the authors [2][3][4]8].…”

Section: Introductionmentioning

confidence: 99%

An Optimum Fuzzy EOQ Model for Deteriorating Items with Shortages in a Particular Period

Panda

Sahoo

2021

Computational Intelligence in Pattern Recognition

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A single-item deterministic inventory model for deteriorating items with fuzzy demand under a finite time horizon have been developed. Here, shortage has occurred only at a particular time period. Using Signed distance method, the fuzzy objective function is converted into crisp equivalent form. Both in crisp and fuzzy environment, numerical examples are provided. The objective function which is to be optimized by the number of replenishment is calculated using the calculus method. Finally, we find the values in the fuzzy environment which is to be corrected for optimal solution.

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Optimal solution for a single period inventory model with fuzzy cost and demand as a fuzzy random variable

Cited by 19 publications

References 22 publications

A Constructive Methodology to Solving the Capacitated Newsvendor Problem: an Approximate Approach

A Constructive Methodology to Solving the Capacitated Newsvendor Problem: an Approximate Approach

A risk-averse multi-item inventory problem with uncertain demand

An Optimum Fuzzy EOQ Model for Deteriorating Items with Shortages in a Particular Period

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