EOLMElectro-Optical Light Modulator
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Hence, the above expected opportunity loss minimization (EOLM) order quantity [q.sup.*] also equals the newsvendor's EPM order quantity.
In other words, the above EOLM criterion cannot effectively hedge against the potential risks, which may bring a great opportunity loss to the newsvendor.
It follows with [alpha] = 0 in Theorem 2 that the optimal order quantity [q.sup.[alpha]] reduces to EOLM (i.e., EPM) order quantity [q.sup.*] in Theorem 1, which also is the EPM order quantity.