Title: Operational Data Analytics: A Newsvendor Application

Time: 2019年5月29日 15:30-17:00

Address: bat365中文官方网站大楼216

主讲人: Qi Annabelle Feng, Professor, John and Donna Krenicki Chair in Operations Management, Purdue University

邀请部门：运营与供应链管理研究中心

 

Abstract: With the development of computing technology and data availability, an increasing attention is paid to data-driven and data-integrated decision making in practice and research. We propose a framework of Operational Data Analytics (ODA) and demonstrate its application through the example of newsvendor model. In this talk, we focus on the situation where we have full structural knowledge but may be uncertain about the statistical characterization of the model. The ODA framework integrates data into decision making by carefully formulating the data-integration model and the validation model. The data-integration model identifies an appropriate class of operational statistics (i.e., the decision as a statistics of the data) and the validation model finds the best performer among the operational statistics. In contrast to the traditional estimation-optimization approach, which does not optimize the actual performance measure, the ODA approach significantly improves decision quality especially when the data is limited.

 

Presenter Biography: Qi Annabelle Feng is the John and Donna Krenicki Chair in Operations Management at Krannert School of Management, Purdue University. She was previously a faculty member at McCombs School of Business, The University of Texas at Austin.  She received her Ph.D. in Operations Management from UT Dallas in 2006. Her main research interest lies in studying firms’ sourcing decisions in the broad context of supply chain management. Her work focuses on individual firm’s procurement planning in uncertain environment and multiple firms’ interactions in sourcing relationships. She also works in the areas of product development and proliferation management, resource planning, economic growth models, and information system management. She is currently a Department Editor of Data Science, Stochastics and Optimization for Production and Operations Management, the Department Editor of Supply Chain Management for Flexible Manufacturing and Service Journal, and an Associate Editor for Management Science. She received the first prize in the INFORMS Junior Faculty Paper Competition in 2009, the Franz Edelman Award in 2009, the Wickham Skinner Early-Career Research Accomplishment Award in 2012, and the Wickham Skinner Best Paper Award in 2018.