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311_session_30_conclusions

311_session_30_conclusions - Inventory Systems –...

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1 Conclusions BUAD311 Session 30
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2 Session # 21 Revenue Management Overview Draw a decision tree – Two types of node Practice solving decision trees Example on delaying decisions to collect information
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3 Session # 22 Basic Revenue Management Tools – Market Segmentation • How to set price in order to maximize revenue. – Capacity Control • How to determine the optimum number of discounted items to sell before holding back in the hope of selling an item at full-fare. – Overbook • How to set overbooking limits.
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4 Session # 23 Introduction to Inventory and Supply Chain Management – Why do we carry inventory? – How inventory will cost us? EOQ Model – Model assumption – Components of the total cost expression – Tradeoff
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5 Session # 24 Demand Uncertainty – Tradeoff Newsvendor – Model assumption – Objective function – Marginal analysis – Target service level Risk pooling in inventory management
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Unformatted text preview: Inventory Systems – Continuous System – Periodic System – What is the average inventory level? Session #26 Root Beer Game – What is the “Bull Whip” effect? – What is causing this? – How can we combat the problem? 7 8 Session # 27 Incentive and Information Supply Chain Coordination – Double marginalization – Buy-back contract Session #28 The Goal – What is “the goal” of a firm? – Measures – Theory of Constraints 9 10 Session # 29 Zara Case – How Zara differs from its competitor • Low cost? High cost? • Slow? Quick? • Other implications 11 Final Format 4:30 – 6:30 pm on May 11 Location SGM 124 – Format similar to Exam 1&2 – Cumulative – Closed book/notes – Bring your calculator and one double-sided crib sheet. – No laptops, no cell phones. 12 Practice Exams...
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