A multi-product newsboy problem with fuzzy customer demand and a storage space constraint

Pankaj Dutta

International Journal of Operational Research, 2010, vol. 8, issue 2, 230-246

Abstract: This article provides a fuzzy inventory model for multi-product newsboy problem subject to a storage space constraint. Common characteristics of inventory systems include uncertain demand. Several authors have examined constrained multi-item newsboy problem with stochastic demand. In this paper, a model for cases of fuzzy demands is constructed. The objective is to maximise the total resultant profit by considering fuzzy demands together with a storage space constraint. The optimisation is achieved using interval-valued expectation of a fuzzy number. Based on the bisection method, an efficient iterative algorithm is adopted to identify the optimal order quantities. The optimality conditions are justified through a numerical example.

Keywords: fuzzy demand; interval-valued expectation; inventory modelling; newsboy problem; customer demand; storage space constraints; stochastic demand; inventory management. (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:ids:ijores:v:8:y:2010:i:2:p:230-246

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