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

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    Authors
    Ramanathan, Ramakrishnan
    Issue Date
    2009
    Subjects
    textbook centres
    inventory management
    book stock optimisation
    
    Metadata
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    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
    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
    ae974a485f413a2113503eed53cd6c53
    10.1504/IJAOM.2009.026524
    Scopus Count
    Collections
    Business and Information Systems Research Centre (BISC)

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