Evaluating the effect of sub-optimality

Y. Gerchak, D. Smirnov

Research output: Contribution to journalArticleAcademicpeer-review

4 Citations (Scopus)

Abstract

Comparison of a sub-optimal solution with an optimal, possibly time-consuming to find, solution has crucial importance in Operations Management. In this note, we highlight the potential underestimation of the effect of sub-optimality in recent studies and propose to use an alternative measure for comparing the quality of optimal solutions with sub-optimal ones. We give examples from the realm of Inventory Pooling and the “Price of Anarchy” in supply chains.
Original languageEnglish
Pages (from-to)455-457
JournalOperations Research Letters
Volume42
Issue number6-7
DOIs
Publication statusPublished - 2014
Externally publishedYes

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