Application of Optimization in Production, Logistics, Inventory, Supply Chain Management and Block Chain

The evolution of industrial development since the 18th century is now experiencing the fourth industrial revolution. The effect of the development has propagated into almost every sector of the industry. From inventory to the circular economy, the effectiveness of technology has been fruitful for industry. The recent trends in research, with new ideas and methodologies, are included in this book. Several new ideas and business strategies are developed in the area of the supply chain management, logistics, optimization, and forecasting for the improvement of the economy of the society and the environment. The proposed technologies and ideas are either novel or help modify several other new ideas. Different real life problems with different dimensions are discussed in the book so that readers may connect with the recent issues in society and industry. The collection of the articles provides a glimpse into the new research trends in technology, business, and the environment

The newsvendor problem with an in-season price adjustment

Consider a retailer stocking a seasonal item facing a stochastic demand where information about the demand becomes more accurate as the selling season progresses. The retailer places orders before the start of the season and in-season reorders are not possible. This article extends the classical newsvendor model by allowing the retailer to make an in-season price adjustment after conducting a review and using the realized demand to obtain an accurate estimate of the remaining demand. Our results include answers to the following questions. What price should the retailer choose? How much should the retailer have ordered at the start of the season given the option of adjusting prices in-season? This model was motivated by a problem in car rental revenue management and has applications in perishable assets revenue management (PARM), where price adjustments are needed towards the end of the selling season.Inventory Stochastic Newsvendor Single-Period Supply chain