Principal Investigator David Simchi-Levi
The study will seek to develop Big Data-ready techniques capable of optimizing business decisions at a product and/or customer level. Techniques will also be developed in order to optimize a set of decisions to maximize business objectives under multiple constraints. A key factor in this problem setting is the exploration-exploitation tradeoff, a time tradeoff between gathering more information to learn about unknown customer demand and then optimizing the price to maximize revenue given what was learned about demand.