Abdul the Newsboy
Date
2023-07-13
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Abstract
This note describes the working of a general sourcing/procurement problem. Abdul has to buy/source the product before knowing the exact demand. This is a general problem (e.g., fashion industry.) Firms like Zara and Benetton and many others decide on how much they should buy and produce, based on forecasts (probability distributions) of demand.
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Uncertainty Management