February 2016
Intermediate to advanced
480 pages
219h 58m
English
A single-period inventory model describes a situation in which one order is placed for a product. At the end of the sales period, any remaining product has little or no value. This is a typical problem for Christmas trees, seasonal goods, bakery goods, newspapers, and magazines. (Indeed, this inventory issue is often called the “newsstand problem.”) In other words, even though items at a newsstand are ordered weekly or daily, they cannot be held over and used as inventory in the next sales period. So our decision is how much to order at the beginning of the period.
Because the exact demand ...