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Journal of Modern Mathematics and Statistics

Year: 2010  |  Volume: 4  |  Issue: 1  |  Page No.: 22 - 31

An Interactive Stochastic Approach for Solving Stochastic Multi Objective Production Planning Problem

Taghreed A. Hassan and A.A. Mousa

Abstract

In this study, the stochastic production planning involving random variable coefficients and random demand is optimized using an interactive stochastic approach based on reference point satisficing method. This approach combines the concept of probability efficiency for stochastic problems with the reference point method for deterministic multiobjective problems. The decision maker expresses her/his references of each objective and by setting the desired probability for each objective to achieve values belonging to each reference. The proposed approach enable the DM to learn in depth the features of the problem, to evaluate the consequences of each decision and to know the trade-offs between the levels and the probabilities inside each objective function and also among them.

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