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The Newsvendor model helps us to decide what is the optimal (profit-maximizing) order quantity for an order decision taken before a given selling season.
If there is not enough stock during the selling season, then we would lose a sale (Cu = p – c).
After the selling season the remaining inventory from this first order would have to be sold at a much lower price – salvaged (Co = c – v).
The lesson of the newsvendor model was “don’t order the forecast!” Your profit-maximizing order quantity should take into account the overage (Co) and underage (Cu) costs.
The critical ratio = Cu/(Cu + Co) gives you the in-stock probability.
a. If Cu > Co, then your critical ratio will be greater than 0.5, should you order more or less than the forecasted demand? Explain.
b. If Cu < Co, then your critical ratio will be less than 0.5., should you order more or less than the forecasted demand? Explain.
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