Operations Management of A Single-Period Inventory Model
DOI:
https://doi.org/10.54097/hbem.v3i.4635Keywords:
“Overage Cost and Underage Cost”; “Optimal Order Decision”; “Cash Reserve Decision”.Abstract
Single-period systems: the decision is just a one-time purchasing decision where the purchase is designed to cover a fixed period of time and the item will not be reordered. e.g., the newsvendor and Cash Reserve Plan. The newsvendor tries to decide how many newspapers to stock on the newsstand before observing the demand.
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The newsvendor problem - columbia university. (n.d.). Retrieved November 19, 2022, from http:// www. columbia.edu/~gmg2/4000/pdf/lect_07.pdf.
Surti, C., Celani, A., & Gajpal, Y. (2020, May 19). The newsvendor problem: The role of Prospect Theory and feedback. European Journal of Operational Research. Retrieved November 19, 2022, from https:// www. sciencedirect.com/science/article/abs/pii/S0377221720304410.
Mahajan, A. (n.d.). ECSE 506: Stochastic control and decision theory - github pages. ECSE 506: Stochastic Control and Decision Theory. Retrieved November 19, 2022, from https:// adityam. github. io/ stochastic-control/.
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