Prof J. George Shanthikumar
Richard E. Dauch Chair in Manufacturing and Operations Management
Krannert School of Management, Purdue University
Title: A Framework for Data Integrated Prescriptive Operations Management
(joint work with Q. Feng)
We provide a framework for data integrated modeling for prescriptive operations Management. Specific attention is shown to overcoming structural and statistical errors. This is achieved through operational statistics and objective operational learning which are built on the basis of data integration and cross validation. We will illustrate how regularization in sample approximation approaches and data driven robust optimization with cross validation relates to operational objectives and operational statistics. Applications in pricing and revenue management, inventory control and staffing in service systems will be demonstrated.