Sourcing with random yields and stochastic demand: A newsvendor approach
We studied a supplier selection problem, where a buyer, while facing random demand, is to decide ordering quantities from a set of suppliers with different yields and prices. We provided the mathematical formulation for the buyer's profit maximization problem and proposed a solution method base...
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| Published in | Computers & operations research Vol. 34; no. 12; pp. 3682 - 3690 |
|---|---|
| Main Authors | , , |
| Format | Journal Article |
| Language | English |
| Published |
New York
Elsevier Ltd
01.12.2007
Pergamon Press Inc |
| Subjects | |
| Online Access | Get full text |
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| Abstract | We studied a supplier selection problem, where a buyer, while facing random demand, is to decide ordering quantities from a set of suppliers with different yields and prices. We provided the mathematical formulation for the buyer's profit maximization problem and proposed a solution method based on a combination of the active set method and the Newton search procedure. Our computational study shows that the proposed method can solve the problem efficiently, and is able to generate interesting and insightful results that lead us to various managerial implications.
In today's globally competitive environment, decision makers in supply chains face numerous challenges particularly regarding the selection of suppliers or outsourcing partners. To assist in this endeavor, we examined a double-layered supply chain where a buyer facing the end users has the option of selecting among a cohort of suppliers. The available suppliers may have different yield rates and unit costs. The buyer has to decide, given the stochastic nature of the problem's governing parameters, whether or not to order from each supplier, and if so how much. We developed a ‘newsvendor-style’ model for the problem, and proposed a solution algorithm for it. Numerical studies were performed to provide some insights for supplier selection and order quantity decisions. |
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| AbstractList | We studied a supplier selection problem, where a buyer, while facing random demand, is to decide ordering quantities from a set of suppliers with different yields and prices. We provided the mathematical formulation for the buyer's profit maximization problem and proposed a solution method based on a combination of the active set method and the Newton search procedure. Our computational study shows that the proposed method can solve the problem efficiently, and is able to generate interesting and insightful results that lead us to various managerial implications.
In today's globally competitive environment, decision makers in supply chains face numerous challenges particularly regarding the selection of suppliers or outsourcing partners. To assist in this endeavor, we examined a double-layered supply chain where a buyer facing the end users has the option of selecting among a cohort of suppliers. The available suppliers may have different yield rates and unit costs. The buyer has to decide, given the stochastic nature of the problem's governing parameters, whether or not to order from each supplier, and if so how much. We developed a ‘newsvendor-style’ model for the problem, and proposed a solution algorithm for it. Numerical studies were performed to provide some insights for supplier selection and order quantity decisions. We studied a supplier selection problem, where a buyer, while facing random demand, is to decide ordering quantities from a set of suppliers with different yields and prices. We provided the mathematical formulation for the buyer's profit maximization problem and proposed a solution method based on a combination of the active set method and the Newton search procedure. Our computational study shows that the proposed method can solve the problem efficiently, and is able to generate interesting and insightful results that lead us to various managerial implications. [PUBLICATION ABSTRACT] We studied a supplier selection problem, where a buyer, while facing random demand, is to decide ordering quantities from a set of suppliers with different yields and prices. We provided the mathematical formulation for the buyer's profit maximization problem and proposed a solution method based on a combination of the active set method and the Newton search procedure. Our computational study shows that the proposed method can solve the problem efficiently, and is able to generate interesting and insightful results that lead us to various managerial implications. Scope and purpose In today's globally competitive environment, decision makers in supply chains face numerous challenges particularly regarding the selection of suppliers or outsourcing partners. To assist in this endeavor, we examined a double-layered supply chain where a buyer facing the end users has the option of selecting among a cohort of suppliers. The available suppliers may have different yield rates and unit costs. The buyer has to decide, given the stochastic nature of the problem's governing parameters, whether or not to order from each supplier, and if so how much. We developed a 'newsvendor-style' model for the problem, and proposed a solution algorithm for it. Numerical studies were performed to provide some insights for supplier selection and order quantity decisions. |
| Author | Yang, Jian Yang, Shitao Abdel-Malek, Layek |
| Author_xml | – sequence: 1 givenname: Shitao surname: Yang fullname: Yang, Shitao email: yangst@shu.edu organization: Stillman School of Business, Seton Hall University, South Orange, NJ 07079, USA – sequence: 2 givenname: Jian surname: Yang fullname: Yang, Jian email: yang@adm.njit.edu organization: Department of Industrial and Manufacturing Engineering, New Jersey Institute of Technology, Newark, NJ 07102, USA – sequence: 3 givenname: Layek surname: Abdel-Malek fullname: Abdel-Malek, Layek email: malek@njit.edu |
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| Keywords | Supply chain Supplier selection Newsvendor Non-linear programming |
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| SubjectTerms | Demand Newsvendor Non-linear programming Problem solving Profit maximization Sourcing Stochastic models Studies Supplier selection Supply chain |
| Title | Sourcing with random yields and stochastic demand: A newsvendor approach |
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