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Possibilistic group support system for pricing and inventory problems

Bel G. Raggad (Bel G. Raggad is a Professor at the School of Computer Science and Information Systems, Pace University, New York, USA.)

Logistics Information Management

ISSN: 0957-6053

Article publication date: 1 April 2000

Abstract

Proposes a possibilistic group support system (PGSS) for the retailer pricing and inventory problem when possibilistic fluctuations of product parameters are controlled by a set of possibilistic optimality conditions. Experts in various functional areas convey their subjective judgement to the PGSS in the form of analytical models (for product parameters estimation), fuzzy concepts (facts), and possibilistic propositions (for validation and choice procedures). Basic probability assignments are used to elicit experts’ opinions. They are then transformed into compatibility functions for fuzzy concepts using the falling shadow technique. Evidence is processed in the form of fuzzy concepts, then is rewritten back to basic probability assignments using the principle of least ignorance on randomness. The PGSS allows the user (inventory control) to examine a trade‐off between the belief value of a greater profit and a lower amount of randomness associated with it.

Keywords

Citation

Raggad, B.G. (2000), "Possibilistic group support system for pricing and inventory problems", Logistics Information Management, Vol. 13 No. 2, pp. 68-76. https://doi.org/10.1108/09576050010313956

Publisher

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MCB UP Ltd

Copyright © 2000, MCB UP Limited