Fuzzy models for the newsboy problem

Dobrila Petrovic, Radivoj Petrović, Mirko Vujošević

Research output: Contribution to journalArticle

117 Citations (Scopus)

Abstract

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.

Original languageEnglish
Pages (from-to)435-441
Number of pages7
JournalInternational Journal of Production Economics
Volume45
Issue number1-3
DOIs
Publication statusPublished - 1 Aug 1996

Fingerprint

Costs
Fuzzy sets
Newsboy problem
Inventory cost
Uncertainty
Shortage

Keywords

  • Fuzzy demand
  • Inventory
  • Optimization
  • Possible cost

ASJC Scopus subject areas

  • Economics and Econometrics
  • Industrial and Manufacturing Engineering

Cite this

Fuzzy models for the newsboy problem. / Petrovic, Dobrila; Petrović, Radivoj; Vujošević, Mirko.

In: International Journal of Production Economics, Vol. 45, No. 1-3, 01.08.1996, p. 435-441.

Research output: Contribution to journalArticle

Petrovic, Dobrila ; Petrović, Radivoj ; Vujošević, Mirko. / Fuzzy models for the newsboy problem. In: International Journal of Production Economics. 1996 ; Vol. 45, No. 1-3. pp. 435-441.
@article{44e837bfcb774986b5d23217e4061e07,
title = "Fuzzy models for the newsboy problem",
abstract = "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.",
keywords = "Fuzzy demand, Inventory, Optimization, Possible cost",
author = "Dobrila Petrovic and Radivoj Petrović and Mirko Vujošević",
year = "1996",
month = "8",
day = "1",
doi = "10.1016/0925-5273(96)00014-X",
language = "English",
volume = "45",
pages = "435--441",
journal = "International Journal of Production Economics",
issn = "0925-5273",
publisher = "Elsevier",
number = "1-3",

}

TY - JOUR

T1 - Fuzzy models for the newsboy problem

AU - Petrovic, Dobrila

AU - Petrović, Radivoj

AU - Vujošević, Mirko

PY - 1996/8/1

Y1 - 1996/8/1

N2 - 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.

AB - 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.

KW - Fuzzy demand

KW - Inventory

KW - Optimization

KW - Possible cost

U2 - 10.1016/0925-5273(96)00014-X

DO - 10.1016/0925-5273(96)00014-X

M3 - Article

VL - 45

SP - 435

EP - 441

JO - International Journal of Production Economics

JF - International Journal of Production Economics

SN - 0925-5273

IS - 1-3

ER -