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Data Science And The Ice-Cream Vendor Problem, Makafui Azasoo
Data Science And The Ice-Cream Vendor Problem, Makafui Azasoo
Electronic Theses and Dissertations
Newsvendor problems in Operations Research predict the optimal inventory levels necessary to meet uncertain demands. This thesis examines an extended version of a single period multi-product newsvendor problem known as the ice cream vendor problem. In the ice cream vendor problem, there are two products – ice cream and hot chocolate – which may be substituted for one another if the outside temperature is no too hot or not too cold. In particular, the ice cream vendor problem is a data-driven extension of the conventional newsvendor problem which does not require the assumption of a specific demand distribution, thus allowing …
The Food Truck Problem, Supply Chains And Extensions Of The Newsvendor Problem, Dennis Quayesam
The Food Truck Problem, Supply Chains And Extensions Of The Newsvendor Problem, Dennis Quayesam
Electronic Theses and Dissertations
Inventory control is important to ensuring sufficient quantities of items are available tomeet demands of customers. The Newsvendor problem is a model used in Operations Research to determine optimal inventory levels for fulfilling future demands. Our study extends the newsvendor problem to a food truck problem. We used simulation to show that the food truck does not reduce to a newsvendor problem if demand depends on exogenous factors such temperature, time etc. We formulate the food truck problem as a multi-product multi-period linear program and found the dual for a single item. We use Discrete Event Simulation to solve the …