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Optimal purchasing policy in a two-component assembly system with different purchasing contracts for each component
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kim, Eungab | - |
dc.contributor.author | Lee, Kaphoon | - |
dc.contributor.author | Kang, Suk-Ho | - |
dc.date.accessioned | 2009-08-24T02:40:46Z | - |
dc.date.available | 2009-08-24T02:40:46Z | - |
dc.date.issued | 2006-05 | - |
dc.identifier.citation | Math Meth Oper Res 63: 301-327 | en |
dc.identifier.issn | 1432-2994 (print) | - |
dc.identifier.issn | 1432-5217 (online) | - |
dc.identifier.uri | https://hdl.handle.net/10371/7543 | - |
dc.description.abstract | This paper considers an assembly system where a firm produces a single
product which is assembled using two types of components (component 1 and component 2). The components are provided by individual suppliers (supplier 1 and supplier 2). We assume that the firm makes different procurement contracts with supplier 1 and supplier 2. To supplier 1, the firm specifies the maximum inventory level of component 1 and makes a commitment to purchase the component as long as its inventory level is below this target level. To supplier 2, the firm has the option of purchasing or rejecting component 2 at each instant supplier 2 provides it. Formulating our model as a Markov decision problem, we identify a component 2 purchasing policy which maximizes the firms profits subject to the costs of rejecting component 1, holding component 2, and purchasing component 2.We also investigate how the changes in the sales price and cost parameters affect the optimal purchasing policy. Finally, we present numerical study for the optimal performance evaluation. | en |
dc.description.sponsorship | This material is based upon work supported by the Korea Science and Engineering
Foundation(KOSEF) through the Northeast Asia e-Logistics Research Center at University of Incheon. | en |
dc.language.iso | en | en |
dc.publisher | Springer Verlag | en |
dc.subject | Purchasing policy | en |
dc.subject | Assembly | en |
dc.subject | Supply contract | en |
dc.subject | Markov decision processes | en |
dc.subject | Sensitivity analysis | en |
dc.title | Optimal purchasing policy in a two-component assembly system with different purchasing contracts for each component | en |
dc.type | Article | en |
dc.contributor.AlternativeAuthor | 김은갑 | - |
dc.contributor.AlternativeAuthor | 이갑훈 | - |
dc.contributor.AlternativeAuthor | 강석호 | - |
dc.identifier.doi | 10.1007/s00186-005-0004-x | - |
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