A Fuzzy Approach to Bi-Objective Newsboy Problem
Abstract
The
single period stochastic inventory problem is referred to as ”Newsboy” or
”Newsvendor” problem in the literature, and can be expressed as determining optimal
order quantities under stochastic demand.
Due to single order opportunity, the order quantity
should be determined for the entire period. Most studies use the
expected profit as the performance measure in the solution of the Newsboy problem.
However, managers
and decision makers may be more concerned with a probability level to achieve a specific
target profit as another performance measure beside the expected profit. These two performance
measures conflict with each other, and cannot be
optimized simultaneously. Therefore, a Fuzzy
Bi-Objective Programming model has been
developed to find a good compromise solution to the problem. Two cases have been
presented to show use of the proposed model under uniform and exponential demand.
Keywords
References
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Details
Primary Language
English
Subjects
-
Journal Section
Research Article
Publication Date
October 28, 2018
Submission Date
August 27, 2018
Acceptance Date
October 25, 2018
Published in Issue
Year 2018 Volume: 3 Number: 2