We are pleased to invite you to attend a special online presentation on “The Newsvendor Model and Its Extensions for Decision-Making under Uncertainty” by Dr. Chirakiat Saithong, Assistant Professor, Faculty of Engineering, Kasetsart University.
Date: 23 April 2026 (Thursday)
Time: 13:00 – 14:00 hrs.
Interested participants may join online using the following Zoom details:
Zoom Meeting ID: 939 4580 5379
Passcode: Fac-search
Title: The Newsvendor Model and Its Extensions for Decision-Making under Uncertainty
Abstract
This special technical lecture presents the newsvendor model as a fundamental framework for decision-making under uncertainty in a single-period inventory system. To foster understanding and audience engagement, the technical lecture begins with a short game-based learning activity. This activity is designed to illustrate the consequences of overordering and underordering when the demand is uncertain.
A brief post-game discussion is then used to relate the participants’ decisions to the core trade-offs underlying the newsvendor problem. Following this introduction, the technical lecture describes the structure of the newsvendor system and formulates the mathematical model expressing the expected total costs. The closed-form expression for the optimal order quantity that minimizes the total costs is presented. A numerical example is also provided to demonstrate the model’s application. The technical lecture concludes by discussing selected extensions of the classical newsvendor model, drawing on published studies that broaden its applicability to more realistic settings. Overall, the technical lecture aims to provide both an understanding of the newsvendor model and a broader perspective on decision-
making under uncertainty.
