When To Lock The Price The Optimal Procurement Policy Under Input Price Volatility
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When To Lock The Price The Optimal Procurement Policy Under Input Price Volatility
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Author : Shi Chen
language : en
Publisher:
Release Date : 2020
When To Lock The Price The Optimal Procurement Policy Under Input Price Volatility written by Shi Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
We study a two-stage supply chain, where the supplier procures a key component to manufacture a product and the retailer orders from the supplier to meet a price-sensitive demand. As the input price is volatile, the two parties enter into either a spot contract, where the retailer orders just before the supplier starts production, or a forward contract, where the retailer determines when to lock a wholesale price. Moreover, we consider three selling-price schemes: Market-Driven, Cost-Plus, and Profit-Max, corresponding to the retailer's minimal, moderate, and maximal pricing power, respectively. We assume that the input price follows a Geometric Brownian motion. To determine the optimal ordering time, we propose an optimization approach that can be viewed as an alternative method to the classic approach by Dixit et al. (1994) and Li and Kouvelis (1999). Our approach leads to deeper analytical results and more transparent ordering policy. Through a numerical experimentation, we compare profitability of the two parties involved under different contracts, pricing schemes, and market conditions. We find that the retailer's ordering policy is determined by a threshold policy based on the current time and input price and that the optimal threshold depends on not only the drift and volatility of the input price, but also their relative magnitude. Our results reveal that the forward contract is a Pareto improvement compared to the spot contract under the Cost-Plus or Profi t-Max pricing, while the supplier may prefer the spot contract over the forward contract under the Market-Driven pricing. Moreover, although having the maximal pricing power is the most favorable condition to the retailer, the supplier does not always benefit from this situation. Furthermore, as the retailer has less pricing power in the market, profitability of both parties is more heavily influenced by the input price volatility.
Handbook Of Integrated Risk Management In Global Supply Chains
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Author : Panos Kouvelis
language : en
Publisher: John Wiley & Sons
Release Date : 2011-10-26
Handbook Of Integrated Risk Management In Global Supply Chains written by Panos Kouvelis 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 2011-10-26 with Business & Economics categories.
A comprehensive, one-stop reference for cutting-edge research in integrated risk management, modern applications, and best practices In the field of business, the ever-growing dependency on global supply chains has created new challenges that traditional risk management must be equipped to handle. Handbook of Integrated Risk Management in Global Supply Chains uses a multi-disciplinary approach to present an effective way to manage complex, diverse, and interconnected global supply chain risks. Contributions from leading academics and researchers provide an action-based framework that captures real issues, implementation challenges, and concepts emerging from industry studies.The handbook is divided into five parts: Foundations and Overview introduces risk management and discusses the impact of supply chain disruptions on corporate performance Integrated Risk Management: Operations and Finance Interface explores the joint use of operational and financial hedging of commodity price uncertainties Supply Chain Finance discusses financing alternatives and the role of financial services in procurement contracts; inventory management and capital structure; and bank financing of inventories Operational Risk Management Strategies outlines supply risks and challenges in decentralized supply chains, such as competition and misalignment of incentives between buyers and suppliers Industrial Applications presents examples and case studies that showcase the discussed methodologies Each topic's presentation includes an introduction, key theories, formulas, and applications. Discussions conclude with a summary of the main concepts, a real-world example, and professional insights into common challenges and best practices. Handbook of Integrated Risk Management in Global Supply Chains is an essential reference for academics and practitioners in the areas of supply chain management, global logistics, management science, and industrial engineering who gather, analyze, and draw results from data. The handbook is also a suitable supplement for operations research, risk management, and financial engineering courses at the upper-undergraduate and graduate levels.
Republic Of Azerbaijan
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Author : International Monetary Fund. Middle East and Central Asia Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-06-19
Republic Of Azerbaijan written by International Monetary Fund. Middle East and Central Asia Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-06-19 with Business & Economics categories.
The first paper is on the oil boom in Azerbaijan, which presents a unique opportunity to speed up the development agenda, but at the same time poses challenges to the management of macroeconomic policy. A new fiscal framework to sustain macroeconomic stability and achieve fiscal sustainability is required. The second paper is on Azerbaijan's managed exchange rate policy and the need for an orderly and durable transition to more flexible exchange rate arrangements that can mitigate risks. Even if greater flexibility is not introduced in the short term, improved monetary policy framework needs to be put in place.
An Introduction To Operations Management
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Author : Ajay Das
language : en
Publisher: Routledge
Release Date : 2015-12-22
An Introduction To Operations Management written by Ajay Das and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-22 with Business & Economics categories.
An Introduction to Operations Management: The Joy of Operations covers the core topics of operations management, including product and service design, processes, capacity planning, forecasting, inventory, quality, supply chain management, and project management. Das provides a clear, connected, and current view of operations management and how it relates to a firm’s strategic goals. Students will benefit from the real-world scenarios that foster an understanding of operations management tasks. Without relying heavily on statistics and mathematical derivations, the book offers applied models and a simple, predictable chapter format to make it easy to navigate. Students of introductory operations management courses will love this practical textbook. A companion website features an instructor’s manual with test questions, as well as additional exercises and examples for in-class use.
Purchasing
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Author :
language : en
Publisher:
Release Date :
Purchasing written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Creating Values With Operations And Analytics
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Author : Hau Lee
language : en
Publisher: Springer Nature
Release Date : 2022-10-21
Creating Values With Operations And Analytics written by Hau Lee and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-10-21 with Business & Economics categories.
This book showcases how the latest and most advanced types of analytical modeling and empirical analysis can help to create value in the global supply chain. Focusing on practical relevance, it shares valuable management insights and addresses key issues in operations management (OM), demonstrating how past research has led to various practices and impacts, while also exploring the aspirations of the latest research. It presents current research on various topics such as global supply chain design, service supply chains, product design, responsible supply chains, performance and incentives in operations, data analytics in health services, new business models in the digital age, and new digital technology advances such as blockchain. In addition, it presents practical case studies on the aforementioned topics. Beyond the value of its contents, the book is intended as a tribute to Professor Morris Cohen, who has been a major contributor to advancing the research frontier in operations management and a driving force in shaping the field. Given its scope, the book will appeal to a wide readership, from researchers and PhD students to practitioners and consultants.
The Rice Crisis
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Author : David Dawe
language : en
Publisher: Routledge
Release Date : 2012-07-26
The Rice Crisis written by David Dawe and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-07-26 with Nature categories.
The recent escalation of world food prices – particularly for cereals - prompted mass public indignation and demonstrations in many countries, from the price of tortilla flour in Mexico to that of rice in the Philippines and pasta in Italy. The crisis has important implications for future government trade and food security policies, as countries re-evaluate their reliance on potentially more volatile world markets to augment domestic supplies of staple foods. This book examines how government policies caused and responded to soaring world prices in the particular case of rice, which is the world's most important source of calories for the poor. Comparable case studies of policy reactions in different countries, principally across Asia, but also including the USA, provide the understanding necessary to evaluate the impact of trade policy on the food security of poor farmers and consumers. They also provide important insights into the concerns of developing countries that are relevant for future international trade negotiations in key agricultural commodities. As a result, more appropriate policies can be put in place to ensure more stable food supplies in the future. Published with the Food and Agriculture (FAO) Organization of the United Nations
Safeguarding Food Security In Volatile Global Markets
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Author : Adam Prakash
language : en
Publisher: Bright Sparks
Release Date : 2011
Safeguarding Food Security In Volatile Global Markets written by Adam Prakash and has been published by Bright Sparks this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Food prices categories.
A timely publication as world leaders deliberate the causes of the latest bouts of food price volatility and search for solutions that address the recent velocity of financial, economic, political, demographic, and climatic change. As a collection compiled from a diverse group of economists, analysts, traders, institutions and policy formulators - comprising multiple methodologies and viewpoints - the book exposes the impact of volatility on global food security, with particular focus on the world's most vulnerable.
Globalization Of Food Systems In Developing Countries
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Author : Food and Agriculture Organization of the United Nations
language : en
Publisher: Food & Agriculture Org.
Release Date : 2004
Globalization Of Food Systems In Developing Countries written by Food and Agriculture Organization of the United Nations and has been published by Food & Agriculture Org. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
Includes papers and case studies presented at a FAO workshop held in Rome, Italy from 8 to 10 October 2003
Food Price Volatility And Its Implications For Food Security And Policy
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Author : Matthias Kalkuhl
language : en
Publisher: Springer
Release Date : 2016-04-12
Food Price Volatility And Its Implications For Food Security And Policy written by Matthias Kalkuhl and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-04-12 with Business & Economics categories.
This book provides fresh insights into concepts, methods and new research findings on the causes of excessive food price volatility. It also discusses the implications for food security and policy responses to mitigate excessive volatility. The approaches applied by the contributors range from on-the-ground surveys, to panel econometrics and innovative high-frequency time series analysis as well as computational economics methods. It offers policy analysts and decision-makers guidance on dealing with extreme volatility.