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The newsvendor model revisited： the impacts of high unit holding costs on the accuracy of the classic model

Frontiers of Business Research in China 2018年第2期12卷 141-154页

作者： Shaolong Tang Stella Cho Jacqueline Wenjie Wang Hong Yan Division of Business and Management Beijing NormalUniversity-Hong Kong Baptist University United International College 2000 JinTong RoadTangjiawan Zhuhai Guangdong China

The newsvendor problem has been applied in various business settings. It is often assumed that the decision variable, i.e., order-up-to level, has no impacts on the holding costs for average inventory cycled in a given period, which is the difference between beginning and ending inventory levels on hand in that period. The average holding cost for this portion of inventory is conveniently and approximately calcutated as half the product of the unit holding cost and the expectation of the demand in one period if it is assumed that the inventory is approximately evenly consumed. It is a good approximation when the unit holding cost is significantly lower than the unit backorder cost as this optimal solution to inventory level is able to guarantee a low probability of understocking. However, if this condition does not hold, the approximation may deviate from the actual cost and cannot measure the expected holding cost for this portion of inventory. This paper examines the impact of the cycle stock holding cost on the newsvendor model and the conditions under which this portion of cost is not negligible.

关键词： Newsvendor model Inventory control Stochastic model

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