Inventory Management and The Optimal Order Quantity Question

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Individual Homework Assignment
Week 8
1. Queueing Theory:
In the slides of Week 7, i.e., queueingNYU.pdf, on page 30, there is an example of
Multiple Server System. This example is also presented on the slides of
MultipleServerQuestion.png in Week 7.
Question: Should the American Parcel Service add a new bay to this terminal? Please
explain the reasoning behind your suggestion.
2. Inventory Management:
In the slides of Week 8, newsvendor_proof.pdf, please prove that the newsvendorÂ’s
optimal order quantity Q* satisfies:
The Newsvendor Problem
Q
supplier
D (Consumer Demand)
retailer
D : demand (random variable)
Q : quantity ordered from supplier
W : wholesale price (of supplier)
R : retail price (R>W)
S : salvage value (S
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Tags:
Optimal order quantity

Queueing Theory

Inventory Management

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