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On flexible product-mix decision problems under randomness and fuzziness

  • Hasuike, Takashi
  • Ishii, Hiroaki
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    This paper considers several models of product-mix decision problems and production planning problems under uncertain conditions, and shows that these are extensional and versatile models for resolving previous product-mix problems. These proposed models include randomness derived from statistical analysis based on historical data, ambiguity of decision maker's intuition and the quality of received information, and flexibility in accomplishing the original plan. Furthermore, given that the upper limit values of some constraints have flexibility, and given a decision maker's level of satisfaction, we propose a flexible product mix of problems using the theory of constraints (TOC), and develop an efficient solution method. We then provide a numerical example that compares our models with some previous basic models. Efficiency of flexibility is obtained when our proposed models are applied to several conditions, such as measurable changes from the expected value of future returns.

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    Article provided by Elsevier in its journal Omega.

    Volume (Year): 37 (2009)
    Issue (Month): 4 (August)
    Pages: 770-787

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    Handle: RePEc:eee:jomega:v:37:y:2009:i:4:p:770-787
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    1. Gong, Zhejun & Hu, Sun, 2008. "An economic evaluation model of product mix flexibility," Omega, Elsevier, vol. 36(5), pages 852-864, October.
    2. Wu, Jun & Li, Jian & Wang, Shouyang & Cheng, T.C.E., 2009. "Mean-variance analysis of the newsvendor model with stockout cost," Omega, Elsevier, vol. 37(3), pages 724-730, June.
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    4. Ding, Ding & Chen, Jian, 2008. "Coordinating a three level supply chain with flexible return policies," Omega, Elsevier, vol. 36(5), pages 865-876, October.
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    6. Lau, Hon-Shiang & Lau, Amy Hing-Ling, 1999. "Manufacturer's pricing strategy and return policy for a single-period commodity," European Journal of Operational Research, Elsevier, vol. 116(2), pages 291-304, July.
    7. Donald Gerwin, 1993. "Manufacturing Flexibility: A Strategic Perspective," Management Science, INFORMS, vol. 39(4), pages 395-410, April.
    8. Olhager, Jan, 1993. "Manufacturing flexibility and profitability," International Journal of Production Economics, Elsevier, vol. 30(1), pages 67-78, July.
    9. Werner Dinkelbach, 1967. "On Nonlinear Fractional Programming," Management Science, INFORMS, vol. 13(7), pages 492-498, March.
    10. Grubbstrom, Robert W. & Olhager, Jan, 1997. "Productivity and flexibility: Fundamental relations between two major properties and performance measures of the production system," International Journal of Production Economics, Elsevier, vol. 52(1-2), pages 73-82, October.
    11. Huang, Xiaoxia, 2007. "Two new models for portfolio selection with stochastic returns taking fuzzy information," European Journal of Operational Research, Elsevier, vol. 180(1), pages 396-405, July.
    12. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, 03.
    13. Bhattacharya, Arijit & Vasant, Pandian, 2007. "Soft-sensing of level of satisfaction in TOC product-mix decision heuristic using robust fuzzy-LP," European Journal of Operational Research, Elsevier, vol. 177(1), pages 55-70, February.
    14. Li, Jun & Xu, Jiuping, 2009. "A novel portfolio selection model in a hybrid uncertain environment," Omega, Elsevier, vol. 37(2), pages 439-449, April.
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