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- Title
THE MEDIAN SOLUTION OF THE NEWSVENDOR PROBLEM AND SOME OBSERVATIONS.
- Authors
Sinha, Pritibhushan
- Abstract
We consider the median solution of the Newsvendor Problem. Some properties of such a solution are shown through a theoretical analysis and a numerical experiment. Sometimes, though not often, median solution may be better than solutions maximizing expected profit, or maximizing minimum possible, over distribution with the same average and standard deviation, expected profit, according to some criteria. We discuss the practical suitability of the objective function set and the solution derived, for the Newsvendor Problem, and other such random optimization problems.
- Subjects
NEWSVENDOR model; MATHEMATICAL models of inventory control; STANDARD deviations; MATHEMATICAL functions; MATHEMATICAL optimization
- Publication
Management & Production Engineering Review (MPER), 2015, Vol 6, Issue 3, p55
- ISSN
2080-8208
- Publication type
Article
- DOI
10.1515/mper-2015-0026