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

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

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Article ID: iaor20104330
Volume: 8
Issue: 2
Start Page Number: 230
End Page Number: 246
Publication Date: May 2010
Journal: International Journal of Operational Research
Authors:
Keywords: newsboy problem, fuzzy modelling
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.

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