Published: Jul 6, 2009 4:21:00 PM
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Auburn University's Department of Industrial and Systems Engineering will host a seminar featuring doctoral student Hwansik Lee on Thursday, July 9, at 11:15 a.m. in 3210 Shelby Center. Lee will present "Decision Models for a Two Stage Supply Chain Planning with Time-Sensitive Shortages."
Lee's research focuses on analytical models for supply chains to help inventory decision makers. The research also compares analytical models to traditional models and gives insight on implementing demand uncertainty and shortages into mathematical models.
Lee will discuss back order rate functions and expected value of risk profile information (EVRPI) using concepts such as utility theory. Lee will also show an approach to producing an analytical inventory model with demand uncertainty protection for a supply chain, which can minimize total cost.
Contributed by Cassity Hughes