News-boy problem with unreliable suppliers
In this paper, we investigate the single-period inventory control problem with an unreliable supplier while facing stochastic demand. We focus on two cases: when the distributions of demand and random yield are known and when only information of mean and variance are available. We derive the mathema...
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sg-ntu-dr.10356-1397552023-02-28T23:10:56Z News-boy problem with unreliable suppliers Yao, Yuetong Yan Zhenzhen School of Physical and Mathematical Sciences yanzz@ntu.edu.sg Science::Mathematics In this paper, we investigate the single-period inventory control problem with an unreliable supplier while facing stochastic demand. We focus on two cases: when the distributions of demand and random yield are known and when only information of mean and variance are available. We derive the mathematical formulation for both cases, where maximum entropy and distribution-robust frameworks are considered. Then, we study a dual sourcing model with one perfectly reliable supplier and one unreliable supplier. Optimal sourcing strategies are characterized, and findings and insights are discussed. Lastly, we compare the effectiveness of the distribution-robust approach, maximum entropy approach and sample average approximation approach. It is observed that, in general, the maximum entropy approach outperforms the other two alternatives. Bachelor of Science in Mathematical Sciences 2020-05-21T06:42:33Z 2020-05-21T06:42:33Z 2020 Final Year Project (FYP) https://hdl.handle.net/10356/139755 en application/pdf Nanyang Technological University |
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Science::Mathematics Yao, Yuetong News-boy problem with unreliable suppliers |
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In this paper, we investigate the single-period inventory control problem with an unreliable supplier while facing stochastic demand. We focus on two cases: when the distributions of demand and random yield are known and when only information of mean and variance are available. We derive the mathematical formulation for both cases, where maximum entropy and distribution-robust frameworks are considered. Then, we study a dual sourcing model with one perfectly reliable supplier and one unreliable supplier. Optimal sourcing strategies are characterized, and findings and insights are discussed. Lastly, we compare the effectiveness of the distribution-robust approach, maximum entropy approach and sample average approximation approach. It is observed that, in general, the maximum entropy approach outperforms the other two alternatives. |
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Yan Zhenzhen |
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Yan Zhenzhen Yao, Yuetong |
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Final Year Project |
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Yao, Yuetong |
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Yao, Yuetong |
title |
News-boy problem with unreliable suppliers |
title_short |
News-boy problem with unreliable suppliers |
title_full |
News-boy problem with unreliable suppliers |
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News-boy problem with unreliable suppliers |
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News-boy problem with unreliable suppliers |
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news-boy problem with unreliable suppliers |
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Nanyang Technological University |
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2020 |
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https://hdl.handle.net/10356/139755 |
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