An application of newsboy problem for determining policies for optimal stocking of textbooks

2.50
Hdl Handle:
http://hdl.handle.net/10547/295100
Title:
An application of newsboy problem for determining policies for optimal stocking of textbooks
Authors:
Ramanathan, Ramakrishnan ( 0000-0002-8861-2209 )
Abstract:
Some colleges, especially in the Middle East, maintain an exclusive textbook centre for the benefit of students. The centre procures textbooks for the courses offered by the college, circulates free of charge to students at the beginning of a semester and collects back at the end of the semester. This paper discusses an optimisation problem faced by the management of the textbook centre in deciding the optimal number of textbooks to be stocked. A cost function is developed and minimised using Lagrangian multipliers to identify optimal stocking quantities of the textbooks. An iterative procedure is suggested for the complicated problem involving textbooks of many courses. The procedure is illustrated to estimate optimal stocking quantities that minimise the total costs of overstocking and under stocking both for the simple case in which only one course is considered and for the more complex case involving multiple courses.
Citation:
Ramanathan, R. (2009) 'An application of newsboy problem for determining policies for optimal stocking of textbooks', International Journal of Advanced Operations Management, 1(1), pp.70-79
Publisher:
Inderscience Publishers
Journal:
International Journal of Advanced Operations Management
Issue Date:
2009
URI:
http://hdl.handle.net/10547/295100
DOI:
10.1504/IJAOM.2009.026524
Additional Links:
http://www.inderscience.com/link.php?id=26524
Type:
Article
Language:
en
ISSN:
1758-938X; 1758-9398
Appears in Collections:
Business and Information Systems Research Centre (BISC)

Full metadata record

DC FieldValue Language
dc.contributor.authorRamanathan, Ramakrishnanen_GB
dc.date.accessioned2013-07-03T08:01:31Z-
dc.date.available2013-07-03T08:01:31Z-
dc.date.issued2009-
dc.identifier.citationRamanathan, R. (2009) 'An application of newsboy problem for determining policies for optimal stocking of textbooks', International Journal of Advanced Operations Management, 1(1), pp.70-79en_GB
dc.identifier.issn1758-938X-
dc.identifier.issn1758-9398-
dc.identifier.doi10.1504/IJAOM.2009.026524-
dc.identifier.urihttp://hdl.handle.net/10547/295100-
dc.description.abstractSome colleges, especially in the Middle East, maintain an exclusive textbook centre for the benefit of students. The centre procures textbooks for the courses offered by the college, circulates free of charge to students at the beginning of a semester and collects back at the end of the semester. This paper discusses an optimisation problem faced by the management of the textbook centre in deciding the optimal number of textbooks to be stocked. A cost function is developed and minimised using Lagrangian multipliers to identify optimal stocking quantities of the textbooks. An iterative procedure is suggested for the complicated problem involving textbooks of many courses. The procedure is illustrated to estimate optimal stocking quantities that minimise the total costs of overstocking and under stocking both for the simple case in which only one course is considered and for the more complex case involving multiple courses.en_GB
dc.language.isoenen
dc.publisherInderscience Publishersen_GB
dc.relation.urlhttp://www.inderscience.com/link.php?id=26524en_GB
dc.rightsArchived with thanks to International Journal of Advanced Operations Managementen_GB
dc.subjecttextbook centresen_GB
dc.subjectinventory managementen_GB
dc.subjectbook stock optimisationen_GB
dc.titleAn application of newsboy problem for determining policies for optimal stocking of textbooksen
dc.typeArticleen
dc.identifier.journalInternational Journal of Advanced Operations Managementen_GB
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