Fuzzy multi-objective programming problem for revenue management in food industry

Neha Gupta () and J. K. Sharma
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Neha Gupta: Amity University Uttar Pradesh
J. K. Sharma: Amity University Uttar Pradesh

Journal of Revenue and Pricing Management, 2020, vol. 19, issue 5, No 7, 349-354

Abstract: Abstract Food industry is one of the fastest growing industry. With the development of varieties in this industry, the need for revenue management is vital. Revenue management is a technique to optimize the income by selling the right product to right customer at right time which is done by using data driven tactics and strategies. In this paper, a revenue management problem is formulated as multi-objective programming problem in an uncertain environment. As in real life situations most of the parameters are generally uncertain, therefore cost parameter considered as triangular fuzzy numbers. Fuzzy problem is converted into deterministic problem by alpha-cut method and then the algorithm is developed to solve the multi-objective linear programming problem to optimize revenue as well as cost simultaneously. To demonstrate and justify the formulated problem a numerical illustration has been considered and solved. All the mathematical problems are solved through an optimisation software LINGO-13.

Keywords: Multi-objective programming problem; Revenue management; Fuzzy numbers; Fuzzy programming (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1057/s41272-020-00238-2

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