1,721,878 research outputs found
Mark Twain Portrait
No full textPortrait of Mark Twain, Newsboy, New York. Samuel L. Clemens, also known as Mark Twain was a famous American writer whose works gained worldwide recognition for their humor and historical significance
Evaluating alternative estimators for optimal order quantities in the newsvendor model with skewed demand
Full text linkThis paper considers the classical Newsvendor model, also known as the Newsboy problem, with the demand to be fully observed and to follow in successive inventory cycles one of the Exponential, Rayleigh, and Log-Normal distributions. For each distribution, appropriate estimators for the optimal order quantity are considered, and their sampling distributions are derived. Then, through Monte-Carlo simulations, we evaluate the performance of corresponding exact and asymptotic confidence intervals for the true optimal order quantity. The case where normality for demand is erroneously assumed is also investigated. Asymptotic confidence intervals produce higher precision, but to attain equality between their actual and nominal confidence level, samples of at least a certain size should be available. This size depends upon the coefficients of variation, skewness and kurtosis. The paper concludes that having available data on the skewed demand for enough inventory cycles enables (i) to trace non-normality, and (ii) to use the right asymptotic confidence intervals in order the estimates for the optimal order quantity to be valid and precise.Inventory Control; Newsboy Problem; Skewed Demand; Exact and Asymptotic Confidence Intervals; Monte-Carlo Simulations
Learning newsboy
Full text linkTitle: Learning Newsboy Author: Stanislav Hlubocký Department: Department of Probability and Mathematical Statistics Supervisor: doc. RNDr. Petr Lachout CSc. Department of Probability and Mathematical Statistics Abstract: The newsboy problem is a classical stochastic optimization program. The newsboy buys a bulk of papers and tries to sell them at a fixed higher price. The newspapers lose all value at the end of the day. In this thesis, different demands the newsboy can have and the strategies that result from their satisfying are analysed, including some generalised problems (Weather forecast, the flowergirl). All theoretical results and conjectures are tested using a simulation. Keywords: Newsboy, Flower-girl, simulation, Littlewood rule, Ris
Agnes Evans
No full textLate 19th centuryAgnes Evans. Woman in marjorette corsette with cape. Newsboy, New York.1 photographic print
Gracie Wilson
No full textLate 19th centuryGracie Wilson. Full-length image of woman in costume with cape. Newsboy, New York.1 photographic print
Strategies for a blind newsboy
No full textThree variations of the newsboy problem, the newsboy problem with fixed container size, the problem of the just-in-time newsboy and the newsboy problem with demand-dependent pricing are analyzed with respect to the value of information. This is determined by comparing the profit of a blind newsboy, who only knows the demand distribution, with the profit of a clear-sighted newsboy, who can accurately predict sales. It is shown that the disadvantage of the blind newsboy is diminished by just-in-time supplies or demand-dependent pricing.newsboy problem just-in-time elasticity of demand lot size value of information
Jennie Dickerson
No full textLate 19th centuryJennie Dickerson. Woman in pseudo-military outfit. Newsboy, New York.1 photographic print
An Extended Newsboy Problem with Shortage-level Constraints
No full textIt is only an order quantity which is decided for a spot selling time in the classical newsboy problem. Both the purchase timing and the time-variant variance of the demand are neglected. When the vendor gives a price discount for early purchase, the buyer purchases the quantities of price discount at the cost of forecast bias. The buyer has to forecast the demand early before purchase ahead of schedule, but it may increase the variance of the forecasted demand, which is a forecast bias. This time-variant variance of the demand is embedded into the model. When the average shortage-level is specified to an upper limit, both the purchase timing and the order quantity are simultaneously considered as the decision variables of the extended newsboy problem in this paper. The resultant outcomes could apply to some cases in the futures contracts.補正完畢SC
Isabelle Urquhart
No full textLate 19th centuryIsabelle Urquhart. Full-length image of woman reclining on a small hill or rock, wearing short dress with fringe, small hat. She is gazing a something she holds in both hands. Newsboy, New York.1 photographic print
Sylvia Gerrish
No full textLate 19th centurySylvia Gerrish. Full-length image of woman in corset with cape and feathered cap. Newsboy, New York.1 photographic print
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