A Novel Method for Optimal Solution of Fuzzy Chance Constraint Single-Period Inventory Model

A method is proposed for solving single-period inventory fuzzy probabilistic model (SPIFPM) with fuzzy demand and fuzzy storage space under a chance constraint. Our objective is to maximize the total profit for both overstock and understock situations, where the demand D~j for each product j in the objective function is considered as a fuzzy random variable (FRV) and with the available storage space area W~, which is also a FRV under normal distribution and exponential distribution. Initially we used the weighted sum method to consider both overstock and understock situations. Then the fuzziness of the model is removed by ranking function method and the randomness of the model is removed by chance constrained programming problem, which is a deterministic nonlinear programming problem (NLPP) model. Finally this NLPP is solved by using LINGO software. To validate and to demonstrate the results of the proposed model, numerical examples are given

Solving bi-objective bi-item solid transportation problem with fuzzy stochastic constraints involving normal distribution

In today's competitive world, entrepreneurs cannot argue for transporting a single product. It does not provide much profit to the entrepreneur. Due to this reason, multiple products need to be transported from various origins to destinations through various types of conveyances. Real-world decision-making problems are typically phrased as multi-objective optimization problems because they may be effectively described with numerous competing objectives. Many real-life problems have uncertain objective functions and constraints due to incomplete or uncertain information. Such uncertainties are dealt with in fuzzy/interval/stochastic programming. This study explored a novel integrated model bi-objective bi-item solid transportation problem with fuzzy stochastic inequality constraints following a normal distribution. The entrepreneur's objectives are minimizing the transportation cost and duration of transit while maximizing the profit subject to constraints. The chance-constrained technique is applied to transform the uncertainty problem into its equivalent deterministic problem. The deterministic problem is then solved with the proposed method, namely, the global weighted sum method (GWSM), to find the optimal compromise solution. A numerical example is provided to test the efficacy of the method and then is solved using the Lingo 18.0 software. To highlight the proposed method, comparisons of the solution with the existing solution methods are performed. Finally, to understand the sensitivity of parameters in the proposed model, sensitivity analysis (SA) is conducted