Because of the increased importance of inventory control/management in today’s supply chain environment, we revisit the seminal work of Hadley and Whitin; that is the multi-product Newsboy problem with budget constraint. In this paper, we present exact solution formulae when the demand probability density function is uniform and generic iterative method (GIM), which yields optimum, or near optimum, solution for general continuous density functions of the demand. A salient feature of GIM is that as it progresses, one can compute the error allowing the user to stop when the desired level of accuracy is achieved. Illustrative examples are given in order to show the application of the proposed models.

Exact Approximate and Generic Iterative Method for The Multi-Product Newsboy Problem with a Budget Constraint / Montanari, Roberto; ABDEL MALEK, L. L.; Morales, L. C.. - In: INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS. - ISSN 0925-5273. - 91:(2004), pp. 189-198. [10.1016/j.ijpe.2003.09.004]

Exact Approximate and Generic Iterative Method for The Multi-Product Newsboy Problem with a Budget Constraint

MONTANARI, Roberto;
2004-01-01

Abstract

Because of the increased importance of inventory control/management in today’s supply chain environment, we revisit the seminal work of Hadley and Whitin; that is the multi-product Newsboy problem with budget constraint. In this paper, we present exact solution formulae when the demand probability density function is uniform and generic iterative method (GIM), which yields optimum, or near optimum, solution for general continuous density functions of the demand. A salient feature of GIM is that as it progresses, one can compute the error allowing the user to stop when the desired level of accuracy is achieved. Illustrative examples are given in order to show the application of the proposed models.
2004
Exact Approximate and Generic Iterative Method for The Multi-Product Newsboy Problem with a Budget Constraint / Montanari, Roberto; ABDEL MALEK, L. L.; Morales, L. C.. - In: INTERNATIONAL JOURNAL OF PRODUCTION ECONOMICS. - ISSN 0925-5273. - 91:(2004), pp. 189-198. [10.1016/j.ijpe.2003.09.004]
File in questo prodotto:
File Dimensione Formato  
2004J - Exact, approximate, and generic iterative models for the multi-product Newsboy problem with budget constraint.pdf

non disponibili

Tipologia: Documento in Post-print
Licenza: NON PUBBLICO - Accesso privato/ristretto
Dimensione 236.57 kB
Formato Adobe PDF
236.57 kB Adobe PDF   Visualizza/Apri   Richiedi una copia

I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.

Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11381/1442121
Citazioni
  • ???jsp.display-item.citation.pmc??? ND
  • Scopus 80
  • ???jsp.display-item.citation.isi??? 62
social impact