Extensions of the Newsvendor Model – Incorporating Real Life Scenarios Using Decision Analytics

Decision Analysis is an important topic in the field of Operations Research. This article is a result of discussing the well-known newsvendor model in the classroom over many semesters. We present the newsvendor model in our MBA class but go beyond what textbooks provide. We extend this model by incorporating two specific real-life scenarios. We create the modified payoff table using spreadsheets. We then consider what-if scenarios and perform sensitivity analysis using the Data Table command in Excel. Important concepts like backordering/late shipment, cost of lost customer goodwill, and clearance pricing are discussed. The discussion of these concepts is extremely valuable even without spreadsheets

Teaching Basic Probability In Undergraduate Statistics Or Management Science Courses

Standard textbooks in core Statistics and Management Science classes present various examples to introduce basic probability concepts to undergraduate business students. These include tossing of a coin, throwing a die, and examples of that nature. While these are good examples to introduce basic probability, we use improvised versions of Russian Roulette and found these to be very effective in communicating important concepts in probability to our business school students. We use these modified versions of Russian Roulette to communicate concepts such as dependent event, joint probabilities and the value of information using Bayes’ law. The students understand and enjoy these examples and the class participation has been higher than usual.

Teaching Learning Curves In An Undergraduate Economics Or Operations Management Course

Learning Curves has its roots in economics and behavioral psychology. Learning Curves theory has several business applications and is widely used in the industry. As faculty of Operations Management courses, we cover this topic in some depth in the classroom. In this paper, we present some of our teaching methods and material that have helped us in communicating the learning curves concept. The students have found these very helpful in grasping the concepts better. We present comparative charts that highlight the key differences among the three standard methods for learning curve calculations. Students find these comparative charts to be very helpful in understanding these methods and in choosing the least time-consuming method when a problem can be solved in more than one way – often important during a time based exam. Furthermore, we point out an error and an ambiguity in textbooks and also provide some insights into the formula method

Some Comments On: A Historical Note On The Proof Of The Area Of A Circle

In a recent paper by Wilamowsky et al. [6], an intuitive proof of the area of the circle dating back to the twelfth century was presented. They discuss challenges made to this proof and offer simple rebuttals to these challenges. The alternative solution presented by them is simple and elegant and can be explained rather easily to non-mathematics majors. As business school faculty ourselves, we are in agreement with the authors. Our article is motivated by them and we present yet another alternative method. While we do not make an argument that our proposed method is any simpler, we do feel it may be easier to communicate to business school students. In addition, we present a solution using a rectangle which could be left as an exercise for the student after a brief explanation in class. Finding the area of a stack of rectangles with a rectangle as a starting point may seem redundant at first. However, we show that it is actually an excellent algebraic exercise for students since it offers a certain challenge which a square does not. We also solve this exercise using the quicker triangular approach and feel it can be appreciated by students in an Introduction to Calculus course. We also provide two interesting links that demonstrate the work of the ancient mathematicians for this well known problem

Computational Thinking Concepts for Grade School

Early education has classically introduced reading, writing, and mathematics. Recent literature discusses the importance of adding “computational thinking” as a core ability that every child must learn. The goal is to develop students by making them equally comfortable with computational thinking as they are with other core areas of early education. Computational thinking does not come naturally and requires training and guidance. This paper argues for the inclusion of computational thinking in tandem with mathematics. As an example, the paper demonstrates spreadsheet applications that can be utilized concurrently with early mathematical concepts. It demonstrates that at this time, spreadsheets are the best medium for inculcating computational thinking but recognizes that advances in technology may favor other digital approaches in time

Mathematical Modeling And Computational Thinking

The paper argues that mathematical modeling is the essence of computational thinking. Learning a computer language is a valuable assistance in learning logical thinking but of less assistance when learning problem-solving skills. The paper is third in a series and presents some examples of mathematical modeling using spreadsheets at an advanced level such as high school or early college

A note on a well-known dispatching rule to minimize total tardiness

The single machine tardiness problem is considered. We clarify and correct an earlier result related to the Modified Due Date (MDD) Rule of Baker and Bertrand and show that a heuristic does not always satisfy an optimal sequence. However, we present some interesting special cases of optimal sequences that do satisfy the MDD Rule. We believe this note is important because the MDD Rule is still considered to be one of the most efficient rules to minimize the single machine tardiness problem. Because of its dispatching nature and simplicity, the MDD Rule is found to be very practical. It is widely applied in both static and dynamic job shop and industrial settings where setup times if any are negligible or included in the job processing times and hence not an issue.Scheduling Single machine Tardiness Optimality Heuristics

Neurobiological Interactions Between Stress and the Endocannabinoid System

Stress affects a constellation of physiological systems in the body and evokes a rapid shift in many neurobehavioral processes. A growing body of work indicates that the endocannabinoid (eCB) system is an integral regulator of the stress response. In the current review, we discuss the evidence to date that demonstrates stress-induced regulation of eCB signaling and the consequential role changes in eCB signaling have with respect to many of the effects of stress. Across a wide array of stress paradigms, studies have generally shown that stress evokes bidirectional changes in the two eCB molecules, anandamide (AEA) and 2-arachidonoyl glycerol (2-AG), with stress exposure reducing AEA levels and increasing 2-AG levels. Additionally, in almost every brain region examined, exposure to chronic stress reliably causes a downregulation or loss of cannabinoid type 1 (CB1) receptors. With respect to the functional role of changes in eCB signaling during stress, studies have demonstrated that the decline in AEA appears to contribute to the manifestation of the stress response, including activation of the hypothalamic-pituitary-adrenal (HPA) axis and increases in anxiety behavior, while the increased 2-AG signaling contributes to termination and adaptation of the HPA axis, as well as potentially contributing to changes in pain perception, memory and synaptic plasticity. More so, translational studies have shown that eCB signaling in humans regulates many of the same domains and appears to be a critical component of stress regulation, and impairments in this system may be involved in the vulnerability to stress-related psychiatric conditions, such as depression and posttraumatic stress disorder. Collectively, these data create a compelling argument that eCB signaling is an important regulatory system in the brain that largely functions to buffer against many of the effects of stress and that dynamic changes in this system contribute to different aspects of the stress response