Wilson Models and its Applications in Decision Sciences
Purpose: The problems of getting the optimal order quantity and reducing reserve management costs play an abundantly important role in economics and several other disciplines such as construction, business, and finance. Thus, it is tremendously meaningful to study the issues.
Design/methodology/approach: Wilson is a ubiquitous model utilized to get optimize order quantity and reduce reserve management costs. This model was first developed by Harris (1913) and followed up by Wilson (1934) who expanded it to become a Wilson model. Although the Wilson model has been used for a very long time, the theory and applications of this model need to be stated clearly and systematically. To bridge the gap in the literature in this area and provide academics and practitioners with an overview of the Wilson model, in this paper, we explore the issue.
Findings: We first introduce the general concepts and principles of reserve management. We then present the origin and workaround of the Wilson model and exhibit two examples to illustrate the approach. In addition, we also provide some applications of the Wilson model in Economics.
Originality/Value: All of the issues presented and discussed in this paper are unique and new in the field.
Practical implications: This work will help people interested in finance and economics have the best plan to carry out the work in the most cost-effective and efficient way.
Wilson model, Management system, Economics
C01, D12, E23