Preparing Our Students to Be Newsvendors
30 Pages Posted: 27 Jun 2001
Date Written: 2001
Teachers of management science or quantitative methods in schools of business probably recognize the above passage as the beginning of a description of one of our discipline's favorite problems?the newsvendor problem. Known by many names....newsboy, Christmas tree, and single-period inventory....this problem can be found in almost every introductory management science or quantitative methods textbook and is utilized regularly in our research (see Casimir 1999, Lau and Lau 1997, and Lippman and McCardle 1997). To complete the problem description, we would expect to find a probabilistic forecast of daily demand for Farm Grown's product, and the question posed as to how many cases Farm Grown should purchase at the start of the day.
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By Xuanming Su