Traditional stochastic inventory models assume full knowledge of the demand probability distribution. However, in practice, it is often difficult to completely characterize the demand distribution, especially in fast-changing markets. In this paper, we study the newsvendor problem with partial information about the demand distribution (e.g., mean, variance, symmetry, unimodality). In particular, we derive the order quantities that minimize the newsvendor's maximum regret of not acting optimally. Most of our solutions are tractable, which makes them attractive for practical application. Our analysis also generates insights into the choice of the demand distribution as an input to the newsvendor model. In particular, the distributions that maximize the entropy perform well under the regret criterion. Our approach can be extended to a variety of problems that require a robust but not conservative solution.

Regret in the Newsvendor Model with Partial Information

Various baseline security measurements of assets are collected and calculated by the system. A user creates a what-if scenario by changing one or more baseline security measurements. The system generates interactive, animated graphs that compare the baseline security measurements against the what-if scenario.

Enterprise Information Security Management Software For Prediction Modeling With Interactive Graphs

Computing robust basestock levels

A system, method, and framework resulting therefrom, for a model-driven dashboard for business performance management, which includes capturing business dashboard model requirements at a business model level by providing at least one user-customizable model for capturing functionality of a dashboard, and after the user defines the functionality of the dashboard using the at least one user-customizable model, automatically generating code for a deployable dashboard application.

System and method for model-driven dashboard for business performance management

Purpose – The paper aims to provide a comprehensive overview of business processes (BPs) literature by identifying and discussing key BP‐related research themes and suggesting directions for future research.Design/methodology/approach – Latent semantic analysis was used to analyze the abstracts of academic articles related to BP. Over 2,700 articles that use the term “business process (BP)” in their title, abstract or keywords were identified through electronic journals database EBSCOHost and examined.Findings – The results clearly indicate growing interest in BP research during the past 20 years. The key research themes can be classified into core and associated BP research. Core BP research deals with four cornerstones of BP change: BP design, information technology, BP implementation, and ongoing BP management. The associated BP research lies on the intersection of BP and other research areas such as total quality management, supply chain management, e‐commerce, etc.Research limitations/implications – ...

Business process research: a cross‐disciplinary review

Inventory management under highly uncertain demand

Risk in business management is analyzed based on a probabilistic network approach which quantifies the impact of operational risk on financial metrics such as Value-at-Risk (VAR) and/or Potential Losses (PL). This approach provides further capability to determine the optimal placement of one or more countermeasures within a system to minimize the impact of operational risks.

Method and apparatus for operational risk assessment and mitigation

A computer implemented method and a computer system implementing the method of a business process transformation wizard leads a business analyst through a series of steps to invoke business transformation patterns, in order to analyze the results of those processes. The wizard first prompts the business analyst to specify business objectives of process transformation. Required parameters are added to the business process model guided by the business process transformation wizard until the business process model is completed. Once the model is completed, the wizard prompts the business analyst to select transformation techniques or patterns for optimizing process parameters and, for each selected transformation pattern, optimizes process parameters using a selected optimization technique. The wizard also prompts the business analyst to select transformation patterns for optimizing topology of the business process and, for each selected transformation pattern, optimizes topology for the business process using a selected optimization technique.

Method and apparatus for business process transformation wizard

A stabilization methodology and system component in Business Activity Monitoring and Management systems. This enables firms to use Business Activity Management (BAM) systems to manage business activity by only responding to monitored data when the overall business performance can be improved. This enables firms to identify appropriate tradeoffs between potentially conflicting objectives while meeting business objectives. Information from BAM systems are analyzed based on models of the business process and different information filter criteria are assessed for their impact on business performance indicators. Based on this, a filter criterion is chosen which is executed by an information filter. The outputs from the information filter are used as the basis for deciding the inputs for business process execution.

Method for managing and controlling stability in business activity monitoring and management systems

A methodology for business process analysis and optimization. This enables firms to analyze business processes using stochastic processing network models to estimate process key performance indicators. Based on these indicators, alternate process models can be further developed and analyzed, in order to optimize business objectives. The analysis methodology can be used for business process design (at design time) and for business process management (at run time).

Bala Ramachandran

Papers

Inventory management under highly uncertain demand

Method and apparatus for operational risk assessment and mitigation

Method and apparatus for business process transformation wizard

Method for managing and controlling stability in business activity monitoring and management systems

Method and apparatus for business process analysis and optimization