Coordinated Supplier Selection Inventory Replenishment And Pricing Decisions In Supply Chain Management
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Coordinated Supplier Selection Inventory Replenishment And Pricing Decisions In Supply Chain Management
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Author : Lisha Duan
language : en
Publisher:
Release Date : 2018
Coordinated Supplier Selection Inventory Replenishment And Pricing Decisions In Supply Chain Management written by Lisha Duan and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Given the popularity of inventory models with supplier selection, this research aims to develop mathematical models for the integrated procurement, inventory planning, and pricing problems in the presence of multiple capacitated suppliers and price-sensitive demand in supply chains, simultaneously determining the selling pricing and inventory policy under a variety of supply contracts. We starts with the development of an operational planning model in a demand-driven serial supply chain with multiple capacitated suppliers. Taking into account delivery time and order frequency, the suppliers offer a novel price break scheme, which is beneficial to both the supplier and the buyer. A mixed-integer linear programming (MILP) formulation is developed to address this dynamic supplier selection and inventory management model aiming at minimizing the overall incurred cost across the entire supply chain with capacity constraints in production, inventory, and transportation. Then, the length of the time period is considered as a variable. A new MILP formulation is derived when each period of the model is split into multiple sub-periods, and under certain conditions, it is proved that the optimal solution and objective value of the original model form a feasible solution and an upper bound for the derived model. Sufficient evidence demonstrates that the length of the time period has a significant influence on supplier selection, lot sizing allocation, and inventory planning decisions. Then, we investigate joint decision making of supplier selection, pricing, and inventory lot-sizing in a two-stage supply chain, where suppliers feature certain capacity and quality levels and the retailer faces a price-sensitive demand, characterized by the logit function. Multiple orders can be placed to potential suppliers within a repeating order cycle. The retailer purchases the items satisfying a lower bound on the average quality level to meet customer demand. In this context, we develop a mathematical model to find an optimal solution for the selling price and inventory replenishment policy, including the set of selected suppliers, order frequency, and order quantity. We further derive a lower bound on the optimal retail price and based on a two-stage piecewise linear approximation (PLA) technique, we develop heuristic algorithms to yield near-optimal solutions to the proposed model. Besides, we provide sufficient justification for the selection of the logit demand function as well as a comparison with other demand functions. A numerical study further suggests the importance of using a precise demand curve to select the set of suppliers, coordinate inventory, and accurately optimize the profit function. Next, we extend the joint pricing, supplier selection and inventory replenishment model to a serial supply chain with multiple stages in a centralized control scenario. Within this supply chain, the first stage faces a supplier selection decision for a particular product that experiences a price-sensitive demand. The buying stage needs to decide which suppliers to choose and how to allocate orders, determining the optimal inventory policy for all stages and the retail price to offer to end customers, while maximizing the total profit of the supply chain. The problem is formulated as a mixed integer nonlinear programming (MINLP) model and a heuristic algorithm is proposed to overcome the complexity of the model. Then, we analyze a special case that considers only one uncapacitated supplier and one buyer. An efficient heuristic is developed and computational experiments are carried out to examine the performance of the proposed heuristics. In addition, we provide a series of numerical examples to illustrate our results and analyze the impact of the parameters within a sensitivity analysis. Finally, we study a pricing and purchasing problem in a two-stage supply chain with one supplier and one retailer, where the retailer faces the price-sensitive demand and the supplier coordinates the supply chain with controllable delivery deviation. Both the retailers demand and the suppliers lead time are stochastic. A risk sharing supply contract is adopted and the supplier compensates the retailer by paying a portion of penalties for early/late delivery. In this direction, we establish a model with a game-theoretic approach to achieve supply chain coordination, simultaneously determining the retailers selling price, order quantity, and order date as well as the suppliers lead time variance. Besides, the models with respect to the constant delivery deviation are also developed and analyzed. Finally, a numerical example is presented and sensitivity analysis regarding the pricing and penalty parameters provide in-depth managerial insights for decision makers.
Supply Chain Inventory Models Considering Supplier Selection And Price Sensitive Demand
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Author : Hamza Adeinat
language : en
Publisher:
Release Date : 2016
Supply Chain Inventory Models Considering Supplier Selection And Price Sensitive Demand written by Hamza Adeinat and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
The purpose of this research is to develop supply chain inventory models that simultaneously coordinate supplier selection and pricing decisions for a range of retailing situations. The selection of appropriate suppliers plays an important role in improving companies purchasing performance. Many researchers and firms have studied the supplier selection problem without taking into account the price-sensitive nature of the demand for certain products. A products selling price has a significant impact not only on a companys ability to attract consumers, but also on its strategic decisions on matters such as supplier selection that are taken at the upstream stages of the supply chain. In this dissertation, we start with the development of a new mathematical model for the supplier selection problem that refines and generalizes some of the existing models in the literature. We propose a mixed integer nonlinear programming (MINLP) model to find the optimal inventory replenishment policy for a particular type of raw material in a supply chain defined by a single manufacturer and multiple suppliers. Each supplier offers an all-unit quantity discount as an incentive mechanism. Multiple orders can be submitted to the selected suppliers within a repeating order cycle. We initially assume the demand rate to be constant. The model provides the optimal number of orders and corresponding order quantities for the selected suppliers such that the replenishment and inventory cost per time unit is minimized under suppliers capacity and quality constraints. Then, we extend the model to simultaneously find the optimal selling price and replenishment policy for a particular type of product in a supply chain defined by a single retailer and multiple potential suppliers. Hence, we replace the manufacturer with a retailer subject to a demand rate considered to be dependent on the selling price. We propose an MINLP model to find the optimal order frequency and corresponding order quantity allocated to each selected supplier, and the optimal demand rate and selling price such that the profit per time unit is maximized taking into consideration suppliers limitation on capacity and quality. In addition, we provide sufficient conditions under which there exists an optimal solution where the retailer only orders from one supplier. We also apply the KarushKuhnTucker conditions to investigate the impact of the suppliers capacity on the optimal sourcing strategy. The results show that there may exist a range of capacity values for the dominating supplier, where the retailers optimal sourcing strategy is to order from multiple suppliers without fully utilizing the dominating suppliers capacity.Next, we study the integrated pricing and supplier selection problem in a two-stage supply chain that comprises a manufacturer stage followed by a retailer stage, both controlled by a single decision-maker. The manufacturer can procure the required raw material from a list of potential suppliers, each of which has constraints in regard to capacity and quality. In this model, the manufacturer periodically replenishes the retailers inventory, the demand for which is proving to be price-sensitive. We propose an MINLP model designed to determine the optimal replenishment policy for the raw material, the optimal amount of inventory replenished at each stage, and the optimal final products selling price at which the profit per time unit is maximized. Additionally, we provide upper and lower bounds for the optimal selling price and for the manufacturers lot size multiplicative factor, which result in a tight feasible search space.Next, we propose an MINLP model to extend the prior model by considering a serial supply chain controlled by a decision-maker responsible for maximizing the profit per time unit by determining the following: the optimal amount of raw material to order from the selected suppliers, the optimal amount of product to transfer between consecutive stages in order to avoid any inventory shortage, and the optimal final products selling price. Coordinating all these decisions simultaneously is a topic that has been neglected in literature. In addition, our model requires the order quantity received from each selected supplier to be an integer multiple of the order quantity delivered to the following stage, which means that a different multiplicative factor can be assigned to each supplier. This coordination mechanism shows an improvement in the objective function compared to those of existing models that assign the same multiplicative factor to each selected supplier. Moreover, we develop a heuristic algorithm that generates near-optimal solutions. A numerical example is presented to illustrate the proposed model and the heuristic algorithm.
Optimal Inventory And Pricing Decisions For Supply Chain Management
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Author : Wen Chen
language : en
Publisher:
Release Date : 2013
Optimal Inventory And Pricing Decisions For Supply Chain Management written by Wen Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The dissertation contains two major research projects. In the first project, we first study a multi-period inventory planning problem. In each period, the firm under consideration can source from two possibly unreliable suppliers for a price-dependent demand. Our analysis suggests that the optimal procurement policy is neither a simple reorder-point policy nor a complex one without any structure, as previous studies suggest. Instead, we prove the existence of a reorder point for each supplier. No order is placed to that supplier for any inventory level above the reorder point and a positive order is issued to that supplier for almost every inventory level below the reorder point. We characterize conditions under which the optimal policy reveals monotone response to changes in the inventory level. Furthermore, two special cases of our model are examined in detail to demonstrate how our analysis generalizes a number of well-known results in the literature. In the second project, we study a long-run inventory planning problem in which the retailer can replenish inventory and change price adjustment. We establish that it is optimal to change the price from low to high in each replenishment cycle, the optimal order-up-to level may decrease when the ordering cost increases, and fewer customers are served when the unit cost of procurement increases. Additionally, we provide efficient algorithms to compute the optimal stocking and pricing policies.
Decision Making For Supply Chain Integration
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Author : Hing Kai Chan
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-05-01
Decision Making For Supply Chain Integration written by Hing Kai Chan and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-05-01 with Technology & Engineering categories.
Effective supply chain integration, and the tight co-ordination it creates, is an essential pre-requisite for successful supply chain management. Decision-Making for Supply Chain Integration is a practical reference on recent research in the area of supply chain integration focusing on distributed decision-making problems. Recent applications of various decision-making tools for integrating supply chains are covered including chapters focusing on: Supplier selection, pricing strategy and inventory decisions in multi-level supply chains, RFID-enabled distributed decision-making, Operational risk issues and time-critical decision-making for sensitive logistics nodes, Modelling end to end processes to improve supply chain integration, and Integrated systems to improve service delivery and optimize resource use. Decision-Making for Supply Chain Integration provides an insight into the tools and methodologies of this field with support from real-life case studies demonstrating successful application of various decision-making techniques. By covering such a range of topics in this way, Decision-Making for Supply Chain Integration is a useful reference for researchers looking to develop their knowledge or find potential new avenues of research.
Supply Chain Performance
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Author : Valérie Botta-Genoulaz
language : en
Publisher: John Wiley & Sons
Release Date : 2013-03-04
Supply Chain Performance written by Valérie Botta-Genoulaz and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-04 with Business & Economics categories.
This book examines the opportunities for, and the effects and benefits of, collaborative working practices and their impact on supply chain performance. The book is organized into three main parts; first part focuses on modeling the supply chain using conceptual frameworks to describe the relationship between collaboration and performance. The second part examines the issues around information systems alignment, and ensuring the management and coordination of interactions with suppliers and customers. The final part of the book focuses on the various different formalized approaches (including simulation, game theory, experimental economics, Petri nets and object-oriented design techniques) that may be taken to analyze the impact of any given collaboration process, coordination mechanism, or decision-making behavior on supply chain performance.
Risk Management Of Supply And Cash Flows In Supply Chains
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Author : Jian Li
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-09-15
Risk Management Of Supply And Cash Flows In Supply Chains written by Jian Li and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-15 with Business & Economics categories.
Risk management has become an essential issue in supply chain management, from the modeling of the decision maker's risk preference, and the studies on uncertain elements such as demand, supply, price, lead time, etc., to the consideration of more practical background including cash flow constraints, inventory financing and delayed cash payment. In this new volume, the authors provide a framework to study the interaction of various factors related to risk and their influence on supply chain management. The scope of areas covered includes operations management, decision analysis, and business administration. This book focuses on several key issues of risk management in supply chains. Specifically, an analysis framework is presented for studying the supplier selection problem and identifying the optimal sourcing strategy in a one-retailer two-suppliers supply chain with random yields. The optimal sourcing strategy of a retailer and the pricing strategies of two suppliers under an environment of supply disruption are investigated. Besides, the authors study the dynamic inventory control problems with cash flow constraints, financing decisions as well as delayed cash payment. In addition, originating from the annual international iron ore price negotiation, the authors model the bargaining process to deal with the risk of wholesale price in the game analysis context. Within the three perspectives of risk management in supply chains, the modeling of decision maker's risk preference has been extensively studied and many results have been obtained to guide the practice. However, the analysis on the other two kinds of topics is still in its infancy, and needs more efforts from academia. It is thus the ambition and innovation for this book to contribute on risk management in supply chains in the following ways: (1) characterizing the explicit sourcing strategy (i.e., single sourcing or dual sourcing) to deal with supply disruption risk; (2) introducing the concepts of financial risk measurement by incorporating cash flow constraints, inventory financing and delayed cash payment into inventory management models; and (3) providing insights for the iron ore price negotiation to help steel manufacturers handle the risk of price increase.
Vendor Managed Inventory For High Value Parts
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Author : Peter D. Franke
language : en
Publisher: Univerlagtuberlin
Release Date : 2010
Vendor Managed Inventory For High Value Parts written by Peter D. Franke and has been published by Univerlagtuberlin this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
Coordinated Production And Inventory Management In A Divergent Supply Chain
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Author : Elaheh Ghasemi
language : en
Publisher:
Release Date : 2023
Coordinated Production And Inventory Management In A Divergent Supply Chain written by Elaheh Ghasemi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
The integration of supply chain decisions presents significant advantages and serves as astrong motivation to harmonize and align various functions within the supply chain, leading to improved competitiveness and economic benefits. Among these functions, the coordination of production and inventory planning holds utmost importance in enabling companies to efficiently manage their production and inventory systems, meet customers' demand, and gain a competitive advantage. Therefore, the primary objective of this thesis is to develop decision-making models that facilitate the coordination of production, inventory, and distribution activities, in both deterministic and stochastic settings within a practical context. The initial phase of this doctoral project involves a comprehensive literature review that focuses on examining the mechanisms and methodologies developed within the existing literature in the field of production-inventory management. The aim is to identify and analyze the strategies employed to coordinate production-inventory decisions and operations, ultimately enhancing the performance of the production-inventory system. Through this literature review, the articles were carefully evaluated to extract valuable insights regarding the specific problem domains addressed and the methodologies implemented. This systematic investigation serves as the fundamental groundwork for the subsequent steps, where decision-making models are developed based on the knowledge gained from the literature review. The second phase of this thesis involves the development of a mixed integer linear programming model, coupled with a rolling horizon planning approach. The objective is to determine appropriate production-inventory strategies, including make-to-stock (MTS), make-to-order (MTO), and vendor-managed-inventory (VMI), and subsequently coordinate production, inventory, and distribution operations to optimize system profitability. A real-case study from the Canadian pulp and paper industry is utilized, providing practical insights into the impact of different problem parameters on tactical and operational decision-making. These findings offer valuable considerations for practical implementation in similar industry settings. In the final stage of this thesis, a two-stage stochastic mixed integer nonlinear programming model is developed to address the coordination of sales price and selected production-inventory policies in meeting customers' demands, taking into account the uncertain and price-sensitive nature of demand. The first stage of the model involves making decisions pertaining to the selection of production-inventory strategies and pricing, with the objective of maximizing expected profit. The second stage encompasses decisions related to production, inventory, and distribution, which are utilized to evaluate the first-stage decisions across various scenarios with different levels of accuracy. Additionally, a simulated annealing-based algorithm is proposed to solve the model. Overall, the decision-making models and approaches presented in this doctoral project are innovative and applicable to multi-product production environments that serve diverse customers with different production-inventory strategies. These models offer practical solutions that can be implemented in real-world settings to improve operational efficiency and meet customer demands effectively.
Demand Driven Inventory Optimization And Replenishment
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Author : Robert A. Davis
language : en
Publisher: John Wiley & Sons
Release Date : 2016-01-19
Demand Driven Inventory Optimization And Replenishment written by Robert A. Davis and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-19 with Business & Economics categories.
Remove built-in supply chain weak points to more effectively balance supply and demand Demand-Driven Inventory Optimization and Replenishment shows how companies can support supply chain metrics and business initiatives by removing the weak points built into their inventory systems. Beginning with a thorough examination of Just in Time, Efficient Consumer Response, and Collaborative Forecasting, Planning, and Replenishment, this book walks you through the mathematical shortcuts set up in your management system that prevent you from attaining supply chain excellence. This expanded second edition includes new coverage of inventory performance, business verticals, business initiatives, and metrics, alongside case studies that illustrate how optimized inventory and replenishment delivers results across retail, high-tech, men's clothing, and food sectors. Inventory optimization allows you to avoid out-of-stock situations without impacting the bottom line with excessive inventory maintenance. By keeping just the right amount of inventory on hand, your company is better able to meet demand without sacrificing the cost-effectiveness of other supply chain strategies. The trick, however, is determining "just the right amount"—and this book provides the background and practical guidance you need to do just that. Examine the major supply chain strategies of the last 30 years Remove the shortcuts that prohibit supply chain excellence Optimize your supply/demand balance in any vertical Overcome systemic weaknesses to strengthen the bottom line Inventory optimization is benefitting companies around the world, as exemplified here by case studies involving Matas, PWT, Wistron, and Amway. When inefficiencies are built into the system, it's only smart business to identify and remove them—and implement a new streamlined process that runs like a well-oiled machine. Demand-Driven Inventory Optimization and Replenishment is an essential resource for exceptional supply chain management.
Supply Chain Planning
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Author : Hans-Otto Günther
language : en
Publisher: Springer Science & Business Media
Release Date : 2009-03-05
Supply Chain Planning written by Hans-Otto Günther and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-05 with Business & Economics categories.
In recent years, supply chain planning has emerged as one of the most challenging problems in the industry. As a consequence, the planning focus is shifting from the management of plant-speci?c operations to a holistic view of the various logistics and productionstages, that is an approach in which suppliers, productionplants and customers are considered as constituents of an integrated network. A major dr- ing force behind this development lies in the globalization of the world economy, which has facilitated the co-operation between different partners working together in world-wide logistics networks. Hence, considerable cost savings can be gained from optimizing the structure and the operations of complex supply networks li- ing plants, suppliers, distribution centres and customers. Consequently, to improve the performance of the entire logistic chain, more sophisticated planning systems and more effective decision support are needed. Clearly, successful applications of supply chain management have driven the development of advanced planning systems (APS), which are concerned with s- porting decision-making activities at the strategic, tactical and operational decision level. These software packages basically rely on the application of quantitative methods, which are used to model the underlying complex decision problems c- sidering the limited availability of resources and the need to react on time to customer orders. The core module at the mid-term level of APS comprises op- ational supply chain planning. In many industries, productionstages are assigned to differentplantsand distribution centreshave been established at geographicallyd- persed locations.