%0 Journal Article
	%A Madhukar Nagare and  Pankaj Dutta
	%D 2012
	%J International Journal of Mathematical and Computational Sciences
	%B World Academy of Science, Engineering and Technology
	%I Open Science Index 64, 2012
	%T On Solving Single-Period Inventory Model under Hybrid Uncertainty
	%U https://publications.waset.org/pdf/6170
	%V 64
	%X Inventory decisional environment of short life-cycle
products is full of uncertainties arising from randomness and
fuzziness of input parameters like customer demand requiring
modeling under hybrid uncertainty. Prior inventory models
incorporating fuzzy demand have unfortunately ignored stochastic
variation of demand. This paper determines an unambiguous optimal
order quantity from a set of n fuzzy observations in a newsvendor
inventory setting in presence of fuzzy random variable demand
capturing both fuzzy perception and randomness of customer
demand. The stress of this paper is in providing solution procedure
that attains optimality in two steps with demand information
availability in linguistic phrases leading to fuzziness along with
stochastic variation. The first step of solution procedure identifies
and prefers one best fuzzy opinion out of all expert opinions and the
second step determines optimal order quantity from the selected
event that maximizes profit. The model and solution procedure is
illustrated with a numerical example.
	%P 447 - 452