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About Stochastic System Notes 2011
This document provides a summary of key concepts from two lectures on stochastic models for manufacturing and service systems. The first lecture introduces the newsvendor problem and how to determine the optimal order quantity to maximize expected long-run profit. The second lecture further explains how to calculate the expected profit for a given order quantity using the demand distribution and formulate the optimization problem to find the quantity that maximizes expected profit.
Detailed Information
| Author: | ['Vansh Gupta'] |
|---|---|
| Publication Year: | 2022 |
| Pages: | 88 |
| Language: | English |
| Format: | |
| Price: | FREE |
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