This paper establishes the fuzzy discounted cash flow model to settle the uncertainties of the cash flow and discount rate in two-stage DCF model, to take the imprecise of the time period of the supernormal growth pha...This paper establishes the fuzzy discounted cash flow model to settle the uncertainties of the cash flow and discount rate in two-stage DCF model, to take the imprecise of the time period of the supernormal growth phase with considering the investor＇s attitude to risk. Firstly, the discount rate and the growth rate are fuzzified as triangular fuzzy numbers in this fuzzy discounted cash flow model. Then the intrinsic value of an asset can be evaluated by the arithmetic operation on interval and λ- signed distance method under the framework of DCF approach. Finally, a listed company at Shanghai Stock Exchange is analyzed as the case to demonstrate the process of stock value calculation by the fuzzy discounted cash flow model.展开更多
Intelligent manufacturing design of a complex production-inventory system becomes a key issue for the organization of responsiveness to uncertainties.This paper addresses a two-echelon production-inventory model for a...Intelligent manufacturing design of a complex production-inventory system becomes a key issue for the organization of responsiveness to uncertainties.This paper addresses a two-echelon production-inventory model for a non-repairable product where the system consists of single manufacturer and single retailer.The manufacturer procures raw material(which also contains imperfect raw materials)from an outside supplier then proceeds to convert perfect-quality raw material as a finished product,and finally delivers to the retailer.In this study we assume that the demand is sensitive to promotional efforts/sales teams’initiatives and the production rate is uncertain but possible to describe with a triangular fuzzy number.Then we use the signed distance method to defuzzify the fuzzy joint total cost and an analytical method is employed to achieve the optimal solutions so that the total costs of both manufacturer and retailer are minimized.An efficient algorithm is developed to design an intelligent manufacturing strategy such as optimal production lot-size,backlogging and the initiatives of sales teams.A numerical example and sensitivity analysis are given to demonstrate the application of the proposed model.展开更多
In this article, we consider a two level supply chain to evaluate the impact ofpostponement strategy on the retailer. Here the cost parameters are fuzzified.Signed distance method is used to defuzzify and to obtain th...In this article, we consider a two level supply chain to evaluate the impact ofpostponement strategy on the retailer. Here the cost parameters are fuzzified.Signed distance method is used to defuzzify and to obtain the estimation of thetotal cost in the fuzzy sense. The common variable production cost, commonfixed cost and the common unit holding cost per unit time are assumed to befuzzy in nature. Inventory models are formulated for postponement system andindependent system such that the total average inventory cost function per unittime is minimized. Algorithms are given to derive the optimal solutions of theproposed model. Theoretical analysis and the computational procedure helps tostudy the impact of deterioration rate on the optimal inventory policies. Acomparative study between the postponement system and independent systemconsidering fuzzy costs is also made.展开更多
基金Supported by the Natural Science Foundation of Anhui Province （Item No： 070416276X）.
文摘This paper establishes the fuzzy discounted cash flow model to settle the uncertainties of the cash flow and discount rate in two-stage DCF model, to take the imprecise of the time period of the supernormal growth phase with considering the investor＇s attitude to risk. Firstly, the discount rate and the growth rate are fuzzified as triangular fuzzy numbers in this fuzzy discounted cash flow model. Then the intrinsic value of an asset can be evaluated by the arithmetic operation on interval and λ- signed distance method under the framework of DCF approach. Finally, a listed company at Shanghai Stock Exchange is analyzed as the case to demonstrate the process of stock value calculation by the fuzzy discounted cash flow model.
基金The second author’s research work is supported by DST INSPIRE,Ministry of Science and Technology,Government of India under the grant no.DST/INSPIRE Fellowship/2011/413B dated 15.01.2014.
文摘Intelligent manufacturing design of a complex production-inventory system becomes a key issue for the organization of responsiveness to uncertainties.This paper addresses a two-echelon production-inventory model for a non-repairable product where the system consists of single manufacturer and single retailer.The manufacturer procures raw material(which also contains imperfect raw materials)from an outside supplier then proceeds to convert perfect-quality raw material as a finished product,and finally delivers to the retailer.In this study we assume that the demand is sensitive to promotional efforts/sales teams’initiatives and the production rate is uncertain but possible to describe with a triangular fuzzy number.Then we use the signed distance method to defuzzify the fuzzy joint total cost and an analytical method is employed to achieve the optimal solutions so that the total costs of both manufacturer and retailer are minimized.An efficient algorithm is developed to design an intelligent manufacturing strategy such as optimal production lot-size,backlogging and the initiatives of sales teams.A numerical example and sensitivity analysis are given to demonstrate the application of the proposed model.
文摘In this article, we consider a two level supply chain to evaluate the impact ofpostponement strategy on the retailer. Here the cost parameters are fuzzified.Signed distance method is used to defuzzify and to obtain the estimation of thetotal cost in the fuzzy sense. The common variable production cost, commonfixed cost and the common unit holding cost per unit time are assumed to befuzzy in nature. Inventory models are formulated for postponement system andindependent system such that the total average inventory cost function per unittime is minimized. Algorithms are given to derive the optimal solutions of theproposed model. Theoretical analysis and the computational procedure helps tostudy the impact of deterioration rate on the optimal inventory policies. Acomparative study between the postponement system and independent systemconsidering fuzzy costs is also made.
