Unreliable newsboy problem with a forecast update |
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Authors: | Divya TiwariRahul Patil Janat Shah |
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Institution: | a IIM Bangalore, Bangalore, 560076, Indiab SJMSOM, IIT Bombay, Mumbai, 400076, India |
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Abstract: | In this paper, we derive an optimal ordering policy for an unreliable newsboy who can place two sequential orders before the start of a single selling season by using a demand forecast update. Supply yield is modeled using a uniform distribution considering both the minimum order guarantee and the maximum yield. Our results indicate that a firm should focus on increasing the minimum order guarantee from a first stage supplier to reduce its total supply chain cost. |
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Keywords: | Newsboy problem Forecast update Random yield Inventory management Stochastic dynamic programming |
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