BEGIN:VCALENDAR
VERSION:2.0
PRODID:-//Lubar College of Business - ECPv6.16.3//NONSGML v1.0//EN
CALSCALE:GREGORIAN
METHOD:PUBLISH
X-WR-CALNAME:Lubar College of Business
X-ORIGINAL-URL:https://uwm.edu/business
X-WR-CALDESC:Events for Lubar College of Business
REFRESH-INTERVAL;VALUE=DURATION:PT1H
X-Robots-Tag:noindex
X-PUBLISHED-TTL:PT1H
BEGIN:VTIMEZONE
TZID:America/Chicago
BEGIN:DAYLIGHT
TZOFFSETFROM:-0600
TZOFFSETTO:-0500
TZNAME:CDT
DTSTART:20230312T080000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0500
TZOFFSETTO:-0600
TZNAME:CST
DTSTART:20231105T070000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:-0600
TZOFFSETTO:-0500
TZNAME:CDT
DTSTART:20240310T080000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0500
TZOFFSETTO:-0600
TZNAME:CST
DTSTART:20241103T070000
END:STANDARD
BEGIN:DAYLIGHT
TZOFFSETFROM:-0600
TZOFFSETTO:-0500
TZNAME:CDT
DTSTART:20250309T080000
END:DAYLIGHT
BEGIN:STANDARD
TZOFFSETFROM:-0500
TZOFFSETTO:-0600
TZNAME:CST
DTSTART:20251102T070000
END:STANDARD
END:VTIMEZONE
BEGIN:VEVENT
DTSTART;TZID=America/Chicago:20241101T103000
DTEND;TZID=America/Chicago:20241101T120000
DTSTAMP:20260606T170941
CREATED:20241030T192230Z
LAST-MODIFIED:20241030T192230Z
UID:10000486-1730457000-1730462400@uwm.edu
SUMMARY:Dynamic Control of a Multiclass Omnichannel Production System with Applications to the Restaurant Industry
DESCRIPTION:Part of the Lubar Research Seminar Series \nSpeaker: Amir Alwan\, Lubar College of Business \nThe growing adoption of omnichannel operational strategies has transformed production systems across various sectors\, including the restaurant industry\, bringing complex challenges to demand and operations management. Concurrently\, it has spurred innovative solutions\, notably the application of dynamic pricing within restaurants that offer omnichannel ordering. Motivated by these developments\, we construct a stochastic processing network model for an omnichannel production system that caters to a market of price and delay-sensitive customers. The firm offers a variety of make-to-order (MTO) and make-to-stock (MTS) products\, accessible through both walk-in and online channels at predetermined quote times. The objective is to maximize long-run average profit through dynamic pricing\, production scheduling\, and admission control decisions. MTO orders are subject to both earliness and tardiness costs\, whereas MTS orders only face tardiness costs\, alongside holding costs for the stored MTS goods. Walk-in customers have finite patience and may abandon the system if wait times are excessive\, incurring abandonment costs. Given the analytical intractability of this problem\, we examine an approximating Brownian control problem in the heavy-traffic regime. We establish that the optimal policy is a two-sided barrier policy with a state-dependent drift rate\, which we derive in closed form\, guiding a joint dynamic pricing\, scheduling\, and rejection policy for the original production system. \n 
URL:https://uwm.edu/business/event/dynamic-control/
LOCATION:Lubar Hall\, N440\, 3202 N. Maryland Ave.\, Milwaukee\, WI\, 53201\, United States
CATEGORIES:Research Seminar Series
X-TRIBE-STATUS:
END:VEVENT
END:VCALENDAR