Incorporating one-way substitution policy into the newsboy problem with imprecise customer demand
DSpace at IIT Bombay
View Archive InfoField | Value | |
Title |
Incorporating one-way substitution policy into the newsboy problem with imprecise customer demand
|
|
Creator |
DUTTA, P
CHAKRABORTY, D |
|
Subject |
period inventory model
product substitution fuzzy demand single constraint systems inventory newsboy problem substitution fuzzy demand expected profit |
|
Description |
This paper presents an approach for solving an inventory model for single-period products with maximizing its expected profit in a fuzzy environment, in which the retailer has the opportunity for substitution. Though various structures of substitution arise in real life, in this study we consider the fuzzy model for two-item with one-way substitution policy. This one-way substitutability is reasonable when the products can be stored according to certain attribute levels such as quality, brand or package size. Again, to describe uncertainty usually probability density functions are being used. However, there are many situations in real world that utilize knowledge-based information to describe the uncertainty. The objective of this study is to provide an analysis of single-period inventory model in a fuzzy environment that enables us to compute the expected resultant profit under substitution. An efficient numerical search procedure is provided to identify the optimal order quantities, in which the utilization of imprecise demand and the use of one-way substitution policy increase the average expected profit. The benefit of product substitution is illustrated through numerical example. (C) 2008
|
|
Publisher |
ELSEVIER SCIENCE BV
|
|
Date |
2011-07-25T07:38:13Z
2011-12-26T12:50:16Z 2011-12-27T05:36:28Z 2011-07-25T07:38:13Z 2011-12-26T12:50:16Z 2011-12-27T05:36:28Z 2010 |
|
Type |
Article
|
|
Identifier |
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH, 200(1), 99-110
0377-2217 http://dx.doi.org/10.1016/j.ejor.2008.12.011 http://dspace.library.iitb.ac.in/xmlui/handle/10054/6676 http://hdl.handle.net/10054/6676 |
|
Language |
en
|
|