search query: @author Wilhelm, W. E. / total: 7
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| Author: | Wilhelm, W. E. Xu, K. |
| Title: | Prescribing product upgrades, prices and production levels over time in a stochastic environment |
| Journal: | European Journal of Operational Research
2002 : MAY, VOL. 138:3, p. 601-621 |
| Index terms: | ENVIRONMENT DECISION SUPPORT SYSTEMS DECISION MAKING |
| Language: | eng |
| Abstract: | The purpose of this paper is to describe a decision support tool to maximize profit by prescribing three related decisions product upgrading pricing and production levels. A stochastic dynamic programming (DP) model prescribes when to upgrade a product and what new technologies to incorporate to maintain product competitiveness and profit margins. It deals with the two major sources of risk demand and the lead time required to complete an upgrade. The objective of the DP model is to maximize expected profit over a given planning horizon. Decision variables prescribe which alternative upgrades to implement and when pricing, and production levels. |
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