August 2020
Intermediate to advanced
318 pages
8h 20m
English
Content preview from Inventory Optimization
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Part IV Discrete Inventory Optimization
11 Newsvendor
In this chapter, we will discuss the newsvendor model,1 one of the most thoroughly studied inventory models among academics. We will first go through the model with an example of a small bakery shop. Then, we will discuss the theory behind this model in detail. As we discover the newsvendor model, we will take the opportunity to discuss discrete demand distributions for the first time. Remember, discrete demand distributions means that the demand can only take integer values. Whereas continuous demand distributions can take any value. In practice, it is often more accurate to assume that the demand can only take integer values as often a client can only buy a round number of products. ...
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