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題名 Mathematical modeling and Bayesian estimation for error-prone retail shelf audits
作者 莊皓鈞
Chuang, Howard Hao-Chun
貢獻者 資管系
關鍵詞 Retail operations; Audit services; Inspection error; Risk aversion; Bayesian inference
日期 2015-10
上傳時間 15-二月-2016 17:40:48 (UTC+8)
摘要 Prevalent execution errors such as out-of-stock, inventory record inaccuracy, and product misplacement jeopardize retail performance by causing low on-shelf availability, which discourages not only retailers who have lost sales but also manufacturers who have worked hard to deliver goods into retail stores. Thus, external service companies are hired by manufacturers to conduct manual inspection regularly. Motivated by the practical need of shelf audit service providers, we use a general cost structure to develop a decision support model for periodic inspection. Some qualitative insights about the intricate relationships among inspection efficacy, cost factors, failure rate of shelf inventory integrity, and optimal decisions are derived from analytics assuming risk-neutrality. From simulation experiments we also find that managers` risk preferences have non-trivial impacts on optimal decisions. Based on a total cost standpoint high-quality inspection is predominantly preferred regardless of the level of risk aversion. Finally, we propose a Bayesian statistical model and a Markov chain Monte Carlo approach to estimate model parameters such that managers can make empirically informed decisions. Our major contribution lies in developing a mathematical model that is practically applicable and proposing a Bayesian estimation approach to rationalize unobservable model parameters, which are influential to optimal decisions but often arbitrarily assumed by decision makers.
關聯 Decision Support Systems,80,72-82
資料類型 article
DOI http://dx.doi.org/10.1016/j.dss.2015.10.003
dc.contributor 資管系
dc.creator (作者) 莊皓鈞zh_TW
dc.creator (作者) Chuang, Howard Hao-Chun
dc.date (日期) 2015-10
dc.date.accessioned 15-二月-2016 17:40:48 (UTC+8)-
dc.date.available 15-二月-2016 17:40:48 (UTC+8)-
dc.date.issued (上傳時間) 15-二月-2016 17:40:48 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/81267-
dc.description.abstract (摘要) Prevalent execution errors such as out-of-stock, inventory record inaccuracy, and product misplacement jeopardize retail performance by causing low on-shelf availability, which discourages not only retailers who have lost sales but also manufacturers who have worked hard to deliver goods into retail stores. Thus, external service companies are hired by manufacturers to conduct manual inspection regularly. Motivated by the practical need of shelf audit service providers, we use a general cost structure to develop a decision support model for periodic inspection. Some qualitative insights about the intricate relationships among inspection efficacy, cost factors, failure rate of shelf inventory integrity, and optimal decisions are derived from analytics assuming risk-neutrality. From simulation experiments we also find that managers` risk preferences have non-trivial impacts on optimal decisions. Based on a total cost standpoint high-quality inspection is predominantly preferred regardless of the level of risk aversion. Finally, we propose a Bayesian statistical model and a Markov chain Monte Carlo approach to estimate model parameters such that managers can make empirically informed decisions. Our major contribution lies in developing a mathematical model that is practically applicable and proposing a Bayesian estimation approach to rationalize unobservable model parameters, which are influential to optimal decisions but often arbitrarily assumed by decision makers.
dc.format.extent 997488 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) Decision Support Systems,80,72-82
dc.subject (關鍵詞) Retail operations; Audit services; Inspection error; Risk aversion; Bayesian inference
dc.title (題名) Mathematical modeling and Bayesian estimation for error-prone retail shelf audits
dc.type (資料類型) article
dc.identifier.doi (DOI) 10.1016/j.dss.2015.10.003
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.dss.2015.10.003