TY - JFULL AU - Madhukar Nagare and Pankaj Dutta PY - 2012/5/ TI - On Solving Single-Period Inventory Model under Hybrid Uncertainty T2 - International Journal of Mathematical and Computational Sciences SP - 446 EP - 452 VL - 6 SN - 1307-6892 UR - https://publications.waset.org/pdf/6170 PU - World Academy of Science, Engineering and Technology NX - Open Science Index 64, 2012 N2 - 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. ER -