Decision Models for the Newsvendor Problem -- Learning Cases for Business Analytics

Autor/in	Letkowski, Jerzy
Titel	Decision Models for the Newsvendor Problem -- Learning Cases for Business Analytics
Quelle	In: Journal of Instructional Pedagogies, 21 (2018), (26 Seiten) PDF als Volltext kostenfreie Datei Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Zeitschriftenaufsatz
ISSN	2327-5324
Schlagwörter	Models; Data Analysis; Decision Making; Teaching Methods; Mathematical Models; Calculus; Learning Processes; Spreadsheets; Simulation; Probability; Statistics; Algebra; Computer Software; Business Administration Education; Problem Solving; Costs; Newspapers + Suchen Sie Ihr Suchwort? Analogiemodell; Auswertung; Decision-making; Entscheidungsfindung; Teaching method; Lehrmethode; Unterrichtsmethode; Mathematical model; Mathematisches Modell; Analysis; Differenzialrechnung; Infinitesimalrechnung; Integralrechnung; Learning process; Lernprozess; Spread sheet; Spredsheets; Spreadsheet; Tabellenkalkulation; Simulation program; Simulationsprogramm; Wahrscheinlichkeitsrechnung; Wahrscheinlichkeitstheorie; Statistik; Problemlösen; Cost; Kosten; Newspaper; Zeitung
Abstract	Single-period inventory models with uncertain demand are very well known in the business analytics community. Typically, such models are rule-based functions, or sets of functions, of one decision variable (order quantity) and one random variable (demand). In academics, the models are taught selectively and usually not completely. Students are exposed to applications of selected models and solution aspects usually within the Inventory Control or similar topics. This learning-case oriented paper attempts to provide a fuller coverage of the solution process, starting with mathematical model building, following with calculus-based solution development and ending with an alternative approach through simulation. A special emphasis is dedicated to the learning processes, providing students with a variety of tools selected from Algebra, Calculus, Probability, Statistics and Spreadsheet Technology. The students are expected to benefit from studying this paper to better understand business solving processes. All computational operations are implemented in a spreadsheet program. (As Provided).
Anmerkungen	Academic and Business Research Institute. 147 Medjool Trail, Ponte Vedra, FL 32081. Tel: 904-435-4330; e-mail: editorial.staff@aabri.com; Web site: http://www.aabri.com
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2020/1/01