A decision support tool for the Newsboy Problem using Visual IFPS/PLUS
The intense competition in today's business environment makes it more important than ever for companies to understand the environment in which they operate. There is a need for companies to conduct their business effective and efficiently. Given the significance of inventory in most operation...
Saved in:
| Main Authors: | , |
|---|---|
| Other Authors: | |
| Format: | Final Year Project |
| Published: |
2008
|
| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/10727 |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Institution: | Nanyang Technological University |
| Summary: | The intense competition in today's business environment makes it more important than ever for companies to understand the environment in which they operate. There is a need for companies to conduct their business effective and efficiently. Given the significance of inventory in most operations, inventory management represents a key area in which significant improvements can be made. This study is concerned with examining a common investory problem faced by many managers - the newsboy problem. In essence, the newsboy problem is a single period investory problem characterised by a single order opportunity and an uncertain demand. This makes the determination of the optimal order quantity difficult, as holding too much or too little inventory will result in a cost to the company. |
|---|