The cost impact of using simple forecast
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Heung-Kyu Kim; Jennifer K. Ryan
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Article
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2003
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John Wiley and Sons
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English
β 237 KB
## Abstract In this paper we consider an inventory model in which the retailer does not know the exact distribution of demand and thus must use some observed demand data to forecast demand. We present an extension of the basic newsvendor model that allows us to quantify the value of the observed de