Fuzzy models for the newsboy problem

This paper presents two fuzzy models for the newboy problem in an uncertain environment. It is assumed that uncertainties may appear in demand and in inventory costs. Fuzzy demand is used to describe a subjective estimate, linguistically expressed by the phrase “demand is about d”. Also, fuzzy deman...

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Bibliographic Details
Published in:International journal of production economics 1996-08, Vol.45 (1), p.435-441
Main Authors: Vujosevic, Mirko, Petrovic, Radivoj, Petrovic, Dobrila
Format: Article
Language:English
Subjects:
Cost analysis
Costs
Demand
Fuzzy demand
Fuzzy logic
Fuzzy sets
Inventory
Inventory management
Optimization
Possible cost
Studies
Uncertainty
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Summary:This paper presents two fuzzy models for the newboy problem in an uncertain environment. It is assumed that uncertainties may appear in demand and in inventory costs. Fuzzy demand is used to describe a subjective estimate, linguistically expressed by the phrase “demand is about d”. Also, fuzzy demand could be derived from evidences about demand recorded in the past. Imprecise inventory costs, such as overage and shortage costs, are represented by fuzzy sets, too. The quantity that should be ordered for a fixed time period minimizes the possible total cost. The computational aspects of the fuzzy models and their interpretations are illustrated by examples.
ISSN:0925-5273
1873-7579
DOI:10.1016/0925-5273(96)00014-X