On comparing methodologies to solving the constrained multi-product newsvendor problem

Pinyuan Shan, Layek Abdel-Malek

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

There is a growing interest in the constrained Newsvendor problem. This interest has generated several methods and approaches to solving it. These methods and approaches vary in nature and outcomes ranging from iterative to approximate and those which can tackle one constraint to other that can deal with multiple ones. In this paper, these existing methods and approaches are reviewed and their performance are compared. The comparisons include, inter alia, the number of constraints which can be handled by each, the considered probability density functions (PDFs.), the complexity and ease of applying these methods and the closeness to the optimal solution. Examples are given to illustrate the advantage of the compared methods and approaches in terms of the different performance measures.

Original languageEnglish (US)
Title of host publicationIISE Annual Conference and Expo 2019
PublisherInstitute of Industrial and Systems Engineers, IISE
ISBN (Electronic)9781713814092
StatePublished - 2019
Event2019 Institute of Industrial and Systems Engineers Annual Conference and Expo, IISE 2019 - Orlando, United States
Duration: May 18 2019May 21 2019

Publication series

NameIISE Annual Conference and Expo 2019

Conference

Conference2019 Institute of Industrial and Systems Engineers Annual Conference and Expo, IISE 2019
CountryUnited States
CityOrlando
Period5/18/195/21/19

All Science Journal Classification (ASJC) codes

  • Control and Systems Engineering
  • Industrial and Manufacturing Engineering

Keywords

  • Inventory Control
  • Newsvendor
  • Supply Chain Management

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