The optimal ordering quantity model under the uncertain food safety environment with a risk aversion concept

Shu Yen Hsu; Tyrone T. Lin; Chiao Chen Chang

doi:10.1109/IEEM.2015.7385691

The optimal ordering quantity model under the uncertain food safety environment with a risk aversion concept

Shu Yen Hsu, Tyrone T. Lin, Chiao Chen Chang

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Abstract

Under the deterioration of the food safety environment of food suppliers and the uncertainty of the food safety of the purchased food by individual manufacturers, this study aims to establish a mathematical model standard basis as a reference for decision evaluation on the optimal order quantity of food raw materials to satisfy the maximum expected returns, according to the food safety situations and market acceptance (optimistic/normal/pessimistic),thus affecting procurement costs and selling prices. Assume that product costs and selling prices under different market environments will change;at the same time, importers are allowed to urgent order processing when out of stock issues and surplus products will be sold at discounted prices. Under the importers' attitudes to risk aversion, mathematical models are established to meet the importers' maximum gain and maximum utility function of optimal order quantity decision.

Original language	English
Title of host publication	IEEM 2015 - 2015 IEEE International Conference on Industrial Engineering and Engineering Management
Publisher	IEEE Computer Society
Pages	470-474
Number of pages	5
Volume	2016-January
ISBN (Electronic)	9781467380669
DOIs	https://doi.org/10.1109/IEEM.2015.7385691
Publication status	Published - Jan 18 2016
Externally published	Yes
Event	IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2015 - Singapore, Singapore Duration: Dec 6 2015 → Dec 9 2015

Other

Other	IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2015
Country/Territory	Singapore
City	Singapore
Period	12/6/15 → 12/9/15

Keywords

Decision-making
expected profit
food raw material suppliers
optimal order quantity
uncertain food safety environment

ASJC Scopus subject areas

Business, Management and Accounting (miscellaneous)
Industrial and Manufacturing Engineering
Safety, Risk, Reliability and Quality

Access to Document

10.1109/IEEM.2015.7385691

Cite this

Hsu, S. Y., Lin, T. T., & Chang, C. C. (2016). The optimal ordering quantity model under the uncertain food safety environment with a risk aversion concept. In IEEM 2015 - 2015 IEEE International Conference on Industrial Engineering and Engineering Management (Vol. 2016-January, pp. 470-474). Article 7385691 IEEE Computer Society. https://doi.org/10.1109/IEEM.2015.7385691

The optimal ordering quantity model under the uncertain food safety environment with a risk aversion concept. / Hsu, Shu Yen; Lin, Tyrone T.; Chang, Chiao Chen.
IEEM 2015 - 2015 IEEE International Conference on Industrial Engineering and Engineering Management. Vol. 2016-January IEEE Computer Society, 2016. p. 470-474 7385691.

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution

Hsu, SY, Lin, TT & Chang, CC 2016, The optimal ordering quantity model under the uncertain food safety environment with a risk aversion concept. in IEEM 2015 - 2015 IEEE International Conference on Industrial Engineering and Engineering Management. vol. 2016-January, 7385691, IEEE Computer Society, pp. 470-474, IEEE International Conference on Industrial Engineering and Engineering Management, IEEM 2015, Singapore, Singapore, 12/6/15. https://doi.org/10.1109/IEEM.2015.7385691

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The optimal ordering quantity model under the uncertain food safety environment with a risk aversion concept

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Keywords

ASJC Scopus subject areas

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