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Optimal procurement policy for cost conscious retailer

Descriptive

TitleInfo
Title
Optimal procurement policy for cost conscious retailer
Name (type = personal)
NamePart (type = family)
Hou
NamePart (type = given)
Sicong
NamePart (type = date)
1987-
DisplayForm
Sicong Hou
Role
RoleTerm (authority = RULIB)
author
Name (type = personal)
NamePart (type = family)
Baykal-Gursoy
NamePart (type = given)
Melike
DisplayForm
Melike Baykal-Gursoy
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
chair
Name (type = personal)
NamePart (type = family)
Borors
NamePart (type = given)
Endre
DisplayForm
Endre Borors
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Prekopa
NamePart (type = given)
Andras
DisplayForm
Andras Prekopa
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - New Brunswick
Role
RoleTerm (authority = RULIB)
school
TypeOfResource
Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2013
DateOther (qualifier = exact); (type = degree)
2013-05
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
Manufacturers whose products primarily relay on expensive raw materials need to make well informed procurement decisions in order to reduce their production costs. Decision making is especially difficult when there is uncertainty about the raw material cost as well as the product demand. This research considers an optimum procurement and production planning problem under uncertainty. Basic raw material is a rare metal with a dynamically and stochastically changing price. The manufacturer has the dual sourcing option: buy from the spot market; or to sign long term contracts. Long term contracts can be signed only at the beginning of every year with a yearly duration. In addition, the contract price depends on the average spot price during some interval. We first consider a simplified version of the problem without long-term contract, and assume a base-stock procurement and inventory control policy. We model the problem as a Markov chain and present some numerical examples demonstrating the effect of various parameters on the optimum base-stock value. Then, we investigate a case with dual procurement option, and present our results.
Subject (authority = RUETD)
Topic
Operations Research
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier (type = RULIB)
ETD
Identifier
ETD_4660
PhysicalDescription
Form (authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
viii, 155 p. : ill.
Note (type = degree)
M.S.
Note (type = bibliography)
Includes bibliographical references
Note (type = statement of responsibility)
by Sicong Hou
Subject (authority = ETD-LCSH)
Topic
Purchasing
Subject (authority = ETD-LCSH)
Topic
Inventory control
Subject (authority = ETD-LCSH)
Topic
Production control
Identifier (type = hdl)
http://hdl.rutgers.edu/1782.1/rucore10001600001.ETD.000068882
RelatedItem (type = host)
TitleInfo
Title
Graduate School - New Brunswick Electronic Theses and Dissertations
Identifier (type = local)
rucore19991600001
Location
PhysicalLocation (authority = marcorg); (displayLabel = Rutgers, The State University of New Jersey)
NjNbRU
Identifier (type = doi)
doi:10.7282/T3FQ9V6T
Genre (authority = ExL-Esploro)
ETD graduate
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Rights

RightsDeclaration (ID = rulibRdec0006)
The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Hou
GivenName
Sicong
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2013-04-12 15:57:30
AssociatedEntity
Name
Sicong Hou
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - New Brunswick
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical

RULTechMD (ID = TECHNICAL1)
ContentModel
ETD
OperatingSystem (VERSION = 5.1)
windows xp
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