Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
10524213 | Operations Research Letters | 2005 | 8 Pages |
Abstract
Consider the newsvendor inventory control problem with an ambiguous demand. The traditional approach of separating the parameter estimation and the maximization of the expected profit leads to a suboptimal inventory policy. Operational statistics, introduced in this paper, provides a better solution by integrating the estimation and the optimization tasks.
Keywords
Related Topics
Physical Sciences and Engineering
Mathematics
Discrete Mathematics and Combinatorics
Authors
Liwan H. Liyanage, J.George Shanthikumar,