Applying Bayesian methodology with a uniform prior to the single period inventory model

Article Abstract:

The Bayesian decision analysis is applied to a decision problem called the single period inventory model, known as the 'Newsboy Problem.' The approach involves a stochastic methodology wherein random variables follow known distributions with unknown parameters. The approach was able to provide a better framework than the classical approach of using a point estimate. Bayesian methodology was able to take into consideration the uncertainty regarding the true value of the parameter.

Inventories, Decision-making, Models, Decision making, Analysis, Usage, Stochastic analysis, Bayesian statistical decision theory, Bayesian analysis, Parameter estimation

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Strategic financial management in a multinational financial conglomerate: a multiple goal stochastic programming approach

Article Abstract:

Research is presented concerning the investigation of a multi-company financial conglomerate's strategic financial management through the use of a multi-stage stochastic programming technique. Multiple conflicting goals are discussed.

Research, Management, Risk assessment, Liabilities (Accounting), Financial institutions, Strategic planning (Business), Stochastic processes, Asset management accounts

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