Determining the optimal return on investment for an advertising campaign

Article Abstract:

A procedure for determining the level of media expenditure that optimizes the rate of return of a fixed-budget advertising campaign with respect to advertising effectiveness is introduced. The approach, which looks at advertising as an investment instead of a cost within a media planning context, correlates the reach and effective reach functions with GRPs to show that a maximal return on investment may be obtained with less than 100% of the allocated budget.

Advertising campaigns, Return on investment, Rate of return

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Towards economically optimal first-off inspection

Article Abstract:

A formal first-off inspection policy for monitoring the initialization of regularly reset processes is introduced. The approach, which seeks to maximize the long-run average profit per manufactured item, factors in economic parameters in decisions concerning the number of products to be inspected. Such decisions always precede decisions to reset again. An example of the policy's application to a process with an output of 600 is also discussed.

Manufacturing processes, Manufacturing, Inspection, Engineering inspection, Statistical process control

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