A fuzzy stochastic single-period model for cash management

A fuzzy stochastic single-period model for cash management

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Article ID: iaor200776
Country: Netherlands
Volume: 170
Issue: 1
Start Page Number: 72
End Page Number: 90
Publication Date: Apr 2006
Journal: European Journal of Operational Research
Authors: , ,
Keywords: fuzzy sets, programming: probabilistic
Abstract:

The major purpose of this paper is to apply a stochastic single-period inventory management approach to analyze optimal cash management policies with fuzzy cash demand based on fuzzy integral method so that total cost is minimized. We will find that, after defuzzification, the cash-raising amounts and the total costs between the fuzzy case and the crisp case are slightly different when the variation of cash demand is small. As a result, we point out that the fuzzy stochastic single-period model is one extension of the crisp models. In any case, one may conclude that a conscientious analysis in fuzzy mathematics like that presented in this paper provides a financial decision maker with a deeper insight into the more real cash management problem.

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