Fuzzy models for the newsboy problem

Petrov́ić, Dobrila; Petrović, Radivoj; Vujošević, Mirko

doi:10.1016/0925-5273(96)00014-x

Cited by 112 publications

(49 citation statements)

References 5 publications

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“…An optimal order quantity was obtained by fuzzy maximal order. Petrovic et al [26] gave a fuzzy newsvendor model where uncertain demand was represented by a group of fuzzy sets and inventory cost was given by a fuzzy number. The defuzzification method was used to obtain an optimal order quantity.…”

Section: Newsvendor Problemsmentioning

confidence: 99%

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Possibilistic Decision-Making Approaches

Guo¹

2007

Proceedings on Intelligent Systems and Knowledge Engineering (ISKE2007)

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Section: Newsvendor Problemsmentioning

confidence: 99%

“…Based on his considerable experience, he gives some estimate, presented by the possibilities of demand as listed in Table 1. According to (26), the profit matrix is obtained as shown in Table 2. …”

Section: Newsvendor Problemsmentioning

confidence: 99%

Possibilistic Decision-Making Approaches

Guo¹

2007

Proceedings on Intelligent Systems and Knowledge Engineering (ISKE2007)

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“…In such a case, the variable is approximately specified based on the experiences and subjective judgments of the experts in related fields, so fuzzy inventory management problem is also an active research area. Fuzzy set theory was applied in the early inventory management literature [25,26]. In the area of fuzzy MSIMP, Mandal and Roy [27] considered a multiproduct displayed inventory model under shelf-space constraint in fuzzy environment, where the demand rate of a product was considered as a function of the displayed inventory level.…”

Section: Introductionmentioning

confidence: 99%

A Multiproduct Single‐Period Inventory Management Problem under Variable Possibility Distributions

Guo

Tian

Liu

2017

Mathematical Problems in Engineering

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In multiproduct single-period inventory management problem (MSIMP), the optimal order quantity often depends on the distributions of uncertain parameters. However, the distribution information about uncertain parameters is usually partially available. To model this situation, a MSIMP is studied by credibilistic optimization method, where the uncertain demand and carbon emission are characterized by variable possibility distributions. First, the uncertain demand and carbon emission are characterized by generalized parametric interval-valued (PIV) fuzzy variables, and the analytical expressions about the mean values and second-order moments of selection variables are established. Taking second-order moment as a risk measure, a new credibilistic multiproduct single-period inventory management model is developed under mean-moment optimization criterion. Furthermore, the proposed model is converted to its equivalent deterministic model. Taking advantage of the structural characteristics of the deterministic model, a domain decomposition method is designed to find the optimal order quantities. Finally, a numerical example is provided to illustrate the efficiency of the proposed mean-moment credibilistic optimization method. The computational results demonstrate that a small perturbation of the possibility distribution can make the nominal optimal solution infeasible. In this case, the decision makers should employ the proposed credibilistic optimization method to find the optimal order quantities.

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“…Previous approaches have used mathematical optimisation [13,12,16,17] or fuzzy logic [23,18,27,26] to solve the decision problem. We use a utility-based approach.…”

Section: Introductionmentioning

confidence: 99%

Allocation of tasks for reliability growth using multi-attribute utility

Wilson

Quigley

2016

European Journal of Operational Research

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In reliability growth models in particular, and project risk management more generally, improving the reliability of a system or product is limited by constraints on cost and time. There are many possible tasks which can be carried out to identify and design out weaknesses in the system under development. This paper considers the allocation problem: which subset of tasks to undertake. While the method is applicable to project risk management generally, the work has been motivated by reliability growth programmes. We utilise a model for reliability growth, based on an efficacy matrix, developed with engineering experts in the aerospace industry. We develop a general multi-attribute utility function based on targets for cost, time on test and system reliability. The optimal subset is identified by maximising the prior expected utility. We derive conditions on the model parameters for risk aversion and loss aversion based on observed properties of preference. We give conditions for multivariate risk aversion under the general form of the utility function. The method is illustrated using an example informed by work with aerospace organisations.

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Fuzzy models for the newsboy problem

Cited by 112 publications

References 5 publications

Possibilistic Decision-Making Approaches

Possibilistic Decision-Making Approaches

A Multiproduct Single‐Period Inventory Management Problem under Variable Possibility Distributions

Allocation of tasks for reliability growth using multi-attribute utility

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