The document describes a simulation model of a consignment inventory system for a single vendor and multiple buyers. The simulation model is developed using Flexsim software and evaluates key performance metrics like total cost, inventory levels, shipments, and fill rate. Three models are simulated: one without delays, one with delivery delays, and one with partial information sharing between vendor and buyer. Results show that total cost increases with more buyers but information sharing reduces costs the most, especially for multiple buyers. The number of shipments and delays decreases with information sharing while fill rate increases.
CONSIGNMENT INVENTORY SIMULATION MODEL FOR SINGLE VENDOR- MULTI BUYERSIAEME Publication
The focus on the studies of supply chain management has been increasing in
recent years among academics as well as practitioners. In this paper, we present an
extendable multi agent supply chain simulation model for consignment stock inventory
model for a single vendor - multiple buyers. The simulation study dealt the
quantitative measures of performance of consignment stock model with respect to
number of shipments, delay deliveries, number of shipments shifted due to partial
information sharing, average inventory levels of buyer and vendor and joint total
economic cost (JTEC) as key performance parameters. Flexsim V3.0 a discrete event
simulation software is used for simulating the model
A MULTI-OBJECTIVE APPROACH FOR OPTIMUM QUOTA ALLOCATION TO SUPPLIERS IN SUPPL...IAEME Publication
In all industrial firms where a large number of parts and components are supplied by different suppliers to the raw materiel stores. So it is necessary to keep a track of their performances and supplier ratings individually. The shortages of many basic raw materials and unfriendly attitudes on the part of suppliers can seriously jeopardize production units. So supplier evaluation comes a necessary task. The supplier selection in the supply chain is a multi-criteria problem for this a problem is formulated. The formulated problem is including three primary objectives such as minimizing the net purchase cost, minimizing the net transportation cost and minimizing the net late deliveries subject to realistic constraints regarding buyer’s demand, vendor’s capacity, budget allocation to individual vendor, Vendor’s quality of the items, vendor’s quota flexibility, purchase value of items etc. This paper consists of allocating the quota to suppliers from a set of pre-selected candidates. In this paper the Lexicographic Method is used and solved above three objectives on the priority basis. A real life example is also presented and solved by the MATLAB and results are shown in the paper.
An application of fuzzy cognitive mapping in optimization of inventory functi...iaemedu
This document summarizes a research paper that developed a fuzzy cognitive mapping approach to optimize inventory levels in small and medium auto component manufacturing enterprises. It presents a 2D matrix model to classify inventory based on cost and consumption behavior. The model segments inventory into 9 cells of high, medium and low cost and consumption. It then uses fuzzy cognitive mapping to develop models of the key concepts and their causal relationships to optimize inventory levels in each segment. The study aims to help small businesses better control their inventory costs.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Consumer preferences towards retail checkout quality and delivery systemIAEME Publication
This document summarizes a study on consumer preferences regarding checkout quality and delivery systems at organized retail stores in India. Queuing theory was used to analyze customer arrival patterns and waiting times at checkout counters. The average time customers had to wait in line was found to be 21.82 minutes due to slow service rates. Most respondents preferred 3 checkout counters per store and wanted separate billing for large and small purchases. A majority of customers preferred first-come, first-served as the waiting line discipline. The study provides recommendations to retailers to reduce waiting times and improve the checkout experience for customers.
This document summarizes an academic journal article that develops an inventory model for an integrated supplier-buyer system where demand is price-sensitive and trapezoidal and inventory deteriorates at a constant rate. The supplier offers the buyer either a cash discount or delayed payment. The model maximizes total profit with respect to selling price, order quantity, number of shipments, and payment time. An algorithm is provided to find the optimal solution and sensitivity analysis is conducted to derive managerial insights.
The document discusses marginalism and incrementalism, and provides examples to distinguish between the two concepts. It states that marginalism focuses on unit changes in goods created or sold, and how those relate to consumer choice and demand. Incrementalism considers "chunk changes" in more than one independent variable at a time, and is more flexible than marginalism. The document also provides several other distinctions between the two principles.
CONSIGNMENT INVENTORY SIMULATION MODEL FOR SINGLE VENDOR- MULTI BUYERSIAEME Publication
The focus on the studies of supply chain management has been increasing in
recent years among academics as well as practitioners. In this paper, we present an
extendable multi agent supply chain simulation model for consignment stock inventory
model for a single vendor - multiple buyers. The simulation study dealt the
quantitative measures of performance of consignment stock model with respect to
number of shipments, delay deliveries, number of shipments shifted due to partial
information sharing, average inventory levels of buyer and vendor and joint total
economic cost (JTEC) as key performance parameters. Flexsim V3.0 a discrete event
simulation software is used for simulating the model
A MULTI-OBJECTIVE APPROACH FOR OPTIMUM QUOTA ALLOCATION TO SUPPLIERS IN SUPPL...IAEME Publication
In all industrial firms where a large number of parts and components are supplied by different suppliers to the raw materiel stores. So it is necessary to keep a track of their performances and supplier ratings individually. The shortages of many basic raw materials and unfriendly attitudes on the part of suppliers can seriously jeopardize production units. So supplier evaluation comes a necessary task. The supplier selection in the supply chain is a multi-criteria problem for this a problem is formulated. The formulated problem is including three primary objectives such as minimizing the net purchase cost, minimizing the net transportation cost and minimizing the net late deliveries subject to realistic constraints regarding buyer’s demand, vendor’s capacity, budget allocation to individual vendor, Vendor’s quality of the items, vendor’s quota flexibility, purchase value of items etc. This paper consists of allocating the quota to suppliers from a set of pre-selected candidates. In this paper the Lexicographic Method is used and solved above three objectives on the priority basis. A real life example is also presented and solved by the MATLAB and results are shown in the paper.
An application of fuzzy cognitive mapping in optimization of inventory functi...iaemedu
This document summarizes a research paper that developed a fuzzy cognitive mapping approach to optimize inventory levels in small and medium auto component manufacturing enterprises. It presents a 2D matrix model to classify inventory based on cost and consumption behavior. The model segments inventory into 9 cells of high, medium and low cost and consumption. It then uses fuzzy cognitive mapping to develop models of the key concepts and their causal relationships to optimize inventory levels in each segment. The study aims to help small businesses better control their inventory costs.
The International Journal of Engineering and Science (The IJES)theijes
The International Journal of Engineering & Science is aimed at providing a platform for researchers, engineers, scientists, or educators to publish their original research results, to exchange new ideas, to disseminate information in innovative designs, engineering experiences and technological skills. It is also the Journal's objective to promote engineering and technology education. All papers submitted to the Journal will be blind peer-reviewed. Only original articles will be published.
The papers for publication in The International Journal of Engineering& Science are selected through rigorous peer reviews to ensure originality, timeliness, relevance, and readability.
Consumer preferences towards retail checkout quality and delivery systemIAEME Publication
This document summarizes a study on consumer preferences regarding checkout quality and delivery systems at organized retail stores in India. Queuing theory was used to analyze customer arrival patterns and waiting times at checkout counters. The average time customers had to wait in line was found to be 21.82 minutes due to slow service rates. Most respondents preferred 3 checkout counters per store and wanted separate billing for large and small purchases. A majority of customers preferred first-come, first-served as the waiting line discipline. The study provides recommendations to retailers to reduce waiting times and improve the checkout experience for customers.
This document summarizes an academic journal article that develops an inventory model for an integrated supplier-buyer system where demand is price-sensitive and trapezoidal and inventory deteriorates at a constant rate. The supplier offers the buyer either a cash discount or delayed payment. The model maximizes total profit with respect to selling price, order quantity, number of shipments, and payment time. An algorithm is provided to find the optimal solution and sensitivity analysis is conducted to derive managerial insights.
The document discusses marginalism and incrementalism, and provides examples to distinguish between the two concepts. It states that marginalism focuses on unit changes in goods created or sold, and how those relate to consumer choice and demand. Incrementalism considers "chunk changes" in more than one independent variable at a time, and is more flexible than marginalism. The document also provides several other distinctions between the two principles.
Supplier and Buyer Driven Channels in a Two-Stage Supply Chainertekg
Download Link > https://ertekprojects.com/gurdal-ertek-publications/blog/supplier-and-buyer-driven-channels-in-a-two-stage-supply-chain/
We explore the impact of power structure on price, sensitivity of market price, and profits in a two-stage supply chain with single product, supplier and buyer, and a price sensitive market. We develop and analyze the case where the supplier has dominant bargaining power and the case where the buyer has dominant bargaining power. We consider a pricing scheme for the buyer that involves both a multiplier and a markup. We show that it is optimal for the buyer to set the markup to zero and use only a multiplier. We also show that the market price and its sensitivity are higher when operational costs (namely distribution and inventory) exist. We observe that the sensitivity of the market price increases non-linearly as the wholesale price increases, and derive a lower bound for it. Through experimental analysis, we show that marginal impact of increasing shipment cost and carrying charge (interest rate) on prices and profits are decreasing in both cases. Finally, we show that there exist problem instances where the buyer may prefer supplier-driven case to markup-only buyer-driven and similarly problem instances where the supplier may prefer markup-only buyer-driven case to supplier-driven.
This document summarizes a research paper that presents a mathematical model of a decentralized supply chain with two suppliers and two competing retailers. The paper investigates the sourcing and pricing strategies of the two retailers under conditions of uncertain supply and supply disruptions. It reviews related literature on competition within and between supply chains. The paper then introduces a new model where the retailers face stochastic demand that depends on prices and service levels. The model accounts for the probability of supply disruptions at each supplier. Optimal order quantities and equilibrium pricing and service strategies for the retailers are then derived.
Impact of Variable Ordering Cost and Promotional Effort Cost in Deteriorated ...IJAEMSJORNAL
The instantaneous economic order quantity (EOQ) profit optimization model for deteriorating items is introduced for analyzing the impact of variable ordering cost and promotional effort cost for leveraging profit margins in finite planning horizons. The objective of this model is to maximize the net profit so as to determine the order quantity and promotional effort factor. For any given number of replenishment cycles the existence of a unique optimal replenishment schedule are proved and further the concavity of the net profit function of the inventory system in the number of replenishments is established. The numerical analysis shows that an appropriate policy can benefit the retailer, especially for deteriorating items. Finally, sensitivity analyses with respect to the major parameters are also studied to draw managerial decisions in production systems.
Variational Inequalities Approach to Supply Chain Network Equilibriumiosrjce
IOSR Journal of Mathematics(IOSR-JM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of mathemetics and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications in mathematics. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
The document summarizes an article from the International Journal of Management that examines optimizing supply chain logistics costs for an automobile OEM. The article uses a Six Sigma approach and transportation models to develop a two-dimensional matrix analyzing how raw material distance and volumetric weight impact logistics costs. It applies a Define-Measure-Analyze-Improve-Control process and tools like fishbone diagrams and Minitab to identify cost reduction opportunities in a pipe manufacturing company's transportation system. A multi-criteria decision model is also formulated to evaluate optimized transportation solutions considering total product costs.
INVENTORY MODEL FOR DETERIORATING ITEMS WITH QUADRATIC DEMAND, PARTIAL BACKLO...orajjournal
This article develops an inventory model for deteriorating items with quadratic demand. Shortages are allowed and partially backlogged. The model considers partial trade credit, where suppliers offer delayed payments if order quantities are below a predetermined amount. The objective is to find the optimal cycle time that minimizes total costs, which include ordering, holding, shortage, deterioration, and interest costs and earnings. An mathematical model is presented and the solution process is developed to find the optimal solution. Numerical examples are provided and a sensitivity analysis is conducted to analyze the impact of system parameters on the optimal solution.
A Deterministic Inventory Model for Perishable Items with Price Sensitive Qua...IJMERJOURNAL
ABSTRACT: An inventory system is considered with trended demand which is assumed to be a function of price and time dependent quadratic demand. For minimizing the total cost of the inventory system, it is assumed that the deterioration rate is constant and the supplier offers the retailer a credit period to settle the account of the procurement units. To solve the model it is further assumed that shortages are not allowed. Salvage value is also considered and observed its effect on the total cost. A numerical example is given to test the strength of the model. Critical parameters are identified by studying the sensitivity of the system.
An Inventory Model with Variable Demand Rate for Deteriorating Items under Pe...Editor IJCATR
A continuous production control inventory model for deteriorating items with variable demand rate is developed. Demand
rate is the linear function of time. In this paper we have done all work in the environment of permissible delay of payments. A number
of structural properties of the inventory system are studied analytically. We have discussed the minimum total system cost under the
condition of permissible delay is relaxed to that at the end of the credit period, the retailer will make a partial payment on total
purchasing cost to the supplier and pay off the remaining balance by loan from the bank. Numerical examples are taken to illustrate the
procedure of finding the optimal total inventory cost and production cycle time. Sensitivity analysis is carried out to demonstrate the
effects of changing parameter values on the optimal solution of the system.
Berg k. Continuous learning methods in two-buyer pricingGaston Vertiz
The document describes continuous learning methods for a firm setting prices in a monopoly when it has uncertainty about buyers' preferences. The firm uses a menu of quality-price bundles and adjusts them over time using only local information from buyers' purchasing decisions. Different learning methods are compared based on how much profit the firm makes, how long it takes to learn the optimal pricing, and how buyers' utilities change during learning. An optimal pricing path is also computed using dynamic programming to serve as a benchmark for the learning methods.
Predicting Bank Customer Churn Using ClassificationVishva Abeyrathne
This document describes a study that used classification models to predict customer churn for a bank. The authors collected a dataset of 10,000 bank customers from Kaggle and preprocessed the data. They then explored relationships between features and the target variable of whether a customer churned. Two classification models were tested - KNN and Decision Tree. After hyperparameter tuning, Decision Tree achieved the best accuracy of 84.25%, outperforming KNN. However, both models struggled to accurately predict customers who would churn. The authors concluded Decision Tree was the best model but recommend collecting more data on churning customers.
The document examines how four factors - whether a bundle is pure or mixed, the price discount of a pure bundle compared to individual components, the functional complementarity of bundle components, and the number of components - affect consumers' intentions to purchase product and service bundles. Two studies were conducted on automobile and automotive service bundles that varied the four factors. The findings showed that pure bundles generated greater purchase intentions than mixed bundles. Larger price discounts and components that were very functionally related also led to higher purchase intentions. Intention was highest for bundles with five components due to cognitive limitations. Several interactions between the factors were also found to influence purchase intentions.
Implementation and Validation of Supplier Selection Model for Shaper Machine ...IJSRD
Supplier selection is the process through which firms identify, evaluate, and contract with suppliers. The supplier selection process deploys a tremendous amount of a firm’s financial resources. In return, manufacturing industries expect important benefits from contracting with suppliers offering high value. Like many complex supply chain problems, vendor selection problems are not so well defined which can be handed over completely to computers, whereas many human characteristics are also essential to the issues. In this paper attention is given to the fuzzy System helps Vendor Selection Problem (VSP) for Radial Drilling Bed (RDB). It required expert’s view, conversion it into fuzzy term, making 8 rule base Model with implementing Fuzzy System using MATLAB. At ending point, conclusions and likely areas of Fuzzy in selecting vendors are present.
This document proposes a tool called ASCTM (Agile Supply Chain Transformation Matrix) and implementation methodology to help organizations achieve supply chain agility. It discusses factors that necessitate agility like globalization and competitive pressures. It defines agility and discusses its importance as a business strategy. The document also classifies different types of potential changes in purchasing requirements from suppliers and cites a research paper on developing an integrated tool to create an agile enterprise through transforming the supply chain.
Supply chain management in the textile industryManish Tiwary
This document summarizes a study on developing an analytical hierarchy process (AHP) model for supplier selection in the textile industry. The study first discusses the importance of supply chain management and performance measurement in the apparel industry. It then presents an AHP model that breaks down the supplier selection problem into a hierarchy. The model identifies key criteria like cost, quality, and delivery and allows pairwise comparisons to determine weights for each criterion. This helps apparel companies systematically evaluate and select suppliers that best fit their supply chain strategy and goals.
The document provides an overview of economics concepts including:
- Production, factors of production, production functions, and laws of returns.
- Demand, determinants of demand, demand schedules/curves, price elasticity, and income elasticity.
- Costs including economic costs, direct/indirect costs, cost functions, and average/marginal costs.
- Price determination including equilibrium price, demand and supply shifts, perfect competition equilibrium, and monopolistic equilibrium.
A NOVEL APPROACH FOR ALLOCATING NETWORK AND IT RESOURCES OFFERED BY DIFFERENT...ijdpsjournal
IT TECHNOLOGIES ARE INCREASINGLY BEING USED TO OFFER COMPUTING RESOURCES OR INFORMATION IN
DIFFERENT LOCATIONS USING NETWORK RESOURCES. IN THIS PAPER WE ADDRESS THE PROBLEM OF
ALLOCATING RESOURCES TO ENABLE CUSTOMERS COMPOSE THEIR OWN DESIRED SERVICES. WE PROPOSE AN
AUCTION MECHANISM THAT COMPRISES INDEPENDENT AUCTIONS PERFORMED BY EACH PROVIDER AND
INVESTIGATE BIDDING STRATEGIES AND SOCIAL WELFARE.
Supplier ranking and selection in a bakeryIOSR Journals
This document describes a study that used the Analytic Hierarchy Process (AHP) to evaluate and rank three suppliers (Supplier A, B, C) of a key ingredient for a bakery in Nigeria. The AHP involves breaking the decision down into a hierarchy of criteria and sub-criteria. Five main criteria were identified: quality, performance, service, cost, and supplier profile. Pairwise comparisons were made between criteria to calculate weights. Each supplier was then scored on each sub-criterion and an overall weight calculated. It was found that Supplier C provided the best overall value, though the suppliers were generally quite close in performance.
This document provides an overview of key concepts in engineering economics and financial accounting. It defines managerial economics and engineering economics, and discusses topics like demand, elasticity, costs, profits, budgets, and financial analysis. Some key points covered include defining fixed and variable costs, discussing methods of demand forecasting and types of elasticity, and explaining tools for capital budgeting like net present value, payback period, and internal rate of return.
AN OPTIMIZING INTEGRATED INVENTORY MODEL WITH INVESTMENT FOR QUALITY IMPROVEM...IJITCA Journal
This document summarizes an integrated inventory model that considers investment for quality improvement and setup cost reduction for a vendor and buyer. The model aims to maximize total profit for the supply chain. It accounts for factors such as price-dependent demand, production costs including defective items, setup costs, and investment costs for quality improvement and setup cost reduction. An analytical approach is used to determine optimal order quantity, quality improvement investment, and setup cost reduction investment. A numerical example is provided to illustrate the model.
AN OPTIMIZING INTEGRATED INVENTORY MODEL WITH INVESTMENT FOR QUALITY IMPROVEM...IJITCA Journal
This paper presents a vendor-buyer integrated inventory model. This paper considers the problem of a vendor and buyer integrated production inventory model for the vendor and the buyer optimization model
under quality improvement investment and setup cost reduction in the production system such that the total
profit is maximized. The relationship between demand and price is considered as a linear. Entirety profit is
the supply chain presentation calculate and it is calculated as the dissimilarity among revenue from sales
and total cost, where the last is the sum of the vendor’s and buyer’s setup/order and inventory holding
costs, opportunity in setup cost and opportunity investment cost. This manuscript efforts to conclude the
optimal production run time and capital investments in setup cost reduction and process quality
improvement for production system such that the total profit is maximized. The main focus for this paper is
the setup cost reduction and investment for quality improvement. The proposed model is based on the
integrated total profit for both buyer and vendor which find out the optimal value of order quantity,
opportunity investment cost for quality improvement and setup cost reduction. The solution procedure is
developed in order to find the total profit of the vendor and the buyer which is to be maximized. To conclude, a numerical example is given to demonstrate the solution procedure.
STRATEGIES OF DELAY DELIVERY AND CONTROLLABLE LEAD TIME IN SUPPLY CHAIN CONSI...IAEME Publication
This paper describes about two strategies in consignment inventory based supply
chain with controllable lead time and delaying last delivery comprising a two level
supply chain involving single vendor and multi buyers. This model would give
minimum joint total expected cost of the strategies involving vendor and buyer,
simultaneously to optimize quantitative decision variables. Numerical examples are
presented to demonstrate the benefit of the proposed strategies and the effect of
changes on the cost and parameters are studied.
An integrated inventory optimisation model for facility location allocation p...Ramkrishna Manatkar
This document presents a mathematical model for an integrated inventory optimization problem for a multi-echelon supply chain network. The model considers inventory, transportation and location decisions with the objectives of minimizing total inventory holding and transportation costs while meeting customer service level requirements. The model is formulated as a multi-objective non-linear integer programming problem to determine optimal assignments of retailers to distribution centers, safety stock levels at each facility, regular stock levels, and maximum inventory levels at each echelon. The model is tested on real data from steel industry supply chains to provide practical guidelines for inventory management and distribution network design.
Supplier and Buyer Driven Channels in a Two-Stage Supply Chainertekg
Download Link > https://ertekprojects.com/gurdal-ertek-publications/blog/supplier-and-buyer-driven-channels-in-a-two-stage-supply-chain/
We explore the impact of power structure on price, sensitivity of market price, and profits in a two-stage supply chain with single product, supplier and buyer, and a price sensitive market. We develop and analyze the case where the supplier has dominant bargaining power and the case where the buyer has dominant bargaining power. We consider a pricing scheme for the buyer that involves both a multiplier and a markup. We show that it is optimal for the buyer to set the markup to zero and use only a multiplier. We also show that the market price and its sensitivity are higher when operational costs (namely distribution and inventory) exist. We observe that the sensitivity of the market price increases non-linearly as the wholesale price increases, and derive a lower bound for it. Through experimental analysis, we show that marginal impact of increasing shipment cost and carrying charge (interest rate) on prices and profits are decreasing in both cases. Finally, we show that there exist problem instances where the buyer may prefer supplier-driven case to markup-only buyer-driven and similarly problem instances where the supplier may prefer markup-only buyer-driven case to supplier-driven.
This document summarizes a research paper that presents a mathematical model of a decentralized supply chain with two suppliers and two competing retailers. The paper investigates the sourcing and pricing strategies of the two retailers under conditions of uncertain supply and supply disruptions. It reviews related literature on competition within and between supply chains. The paper then introduces a new model where the retailers face stochastic demand that depends on prices and service levels. The model accounts for the probability of supply disruptions at each supplier. Optimal order quantities and equilibrium pricing and service strategies for the retailers are then derived.
Impact of Variable Ordering Cost and Promotional Effort Cost in Deteriorated ...IJAEMSJORNAL
The instantaneous economic order quantity (EOQ) profit optimization model for deteriorating items is introduced for analyzing the impact of variable ordering cost and promotional effort cost for leveraging profit margins in finite planning horizons. The objective of this model is to maximize the net profit so as to determine the order quantity and promotional effort factor. For any given number of replenishment cycles the existence of a unique optimal replenishment schedule are proved and further the concavity of the net profit function of the inventory system in the number of replenishments is established. The numerical analysis shows that an appropriate policy can benefit the retailer, especially for deteriorating items. Finally, sensitivity analyses with respect to the major parameters are also studied to draw managerial decisions in production systems.
Variational Inequalities Approach to Supply Chain Network Equilibriumiosrjce
IOSR Journal of Mathematics(IOSR-JM) is a double blind peer reviewed International Journal that provides rapid publication (within a month) of articles in all areas of mathemetics and its applications. The journal welcomes publications of high quality papers on theoretical developments and practical applications in mathematics. Original research papers, state-of-the-art reviews, and high quality technical notes are invited for publications.
The document summarizes an article from the International Journal of Management that examines optimizing supply chain logistics costs for an automobile OEM. The article uses a Six Sigma approach and transportation models to develop a two-dimensional matrix analyzing how raw material distance and volumetric weight impact logistics costs. It applies a Define-Measure-Analyze-Improve-Control process and tools like fishbone diagrams and Minitab to identify cost reduction opportunities in a pipe manufacturing company's transportation system. A multi-criteria decision model is also formulated to evaluate optimized transportation solutions considering total product costs.
INVENTORY MODEL FOR DETERIORATING ITEMS WITH QUADRATIC DEMAND, PARTIAL BACKLO...orajjournal
This article develops an inventory model for deteriorating items with quadratic demand. Shortages are allowed and partially backlogged. The model considers partial trade credit, where suppliers offer delayed payments if order quantities are below a predetermined amount. The objective is to find the optimal cycle time that minimizes total costs, which include ordering, holding, shortage, deterioration, and interest costs and earnings. An mathematical model is presented and the solution process is developed to find the optimal solution. Numerical examples are provided and a sensitivity analysis is conducted to analyze the impact of system parameters on the optimal solution.
A Deterministic Inventory Model for Perishable Items with Price Sensitive Qua...IJMERJOURNAL
ABSTRACT: An inventory system is considered with trended demand which is assumed to be a function of price and time dependent quadratic demand. For minimizing the total cost of the inventory system, it is assumed that the deterioration rate is constant and the supplier offers the retailer a credit period to settle the account of the procurement units. To solve the model it is further assumed that shortages are not allowed. Salvage value is also considered and observed its effect on the total cost. A numerical example is given to test the strength of the model. Critical parameters are identified by studying the sensitivity of the system.
An Inventory Model with Variable Demand Rate for Deteriorating Items under Pe...Editor IJCATR
A continuous production control inventory model for deteriorating items with variable demand rate is developed. Demand
rate is the linear function of time. In this paper we have done all work in the environment of permissible delay of payments. A number
of structural properties of the inventory system are studied analytically. We have discussed the minimum total system cost under the
condition of permissible delay is relaxed to that at the end of the credit period, the retailer will make a partial payment on total
purchasing cost to the supplier and pay off the remaining balance by loan from the bank. Numerical examples are taken to illustrate the
procedure of finding the optimal total inventory cost and production cycle time. Sensitivity analysis is carried out to demonstrate the
effects of changing parameter values on the optimal solution of the system.
Berg k. Continuous learning methods in two-buyer pricingGaston Vertiz
The document describes continuous learning methods for a firm setting prices in a monopoly when it has uncertainty about buyers' preferences. The firm uses a menu of quality-price bundles and adjusts them over time using only local information from buyers' purchasing decisions. Different learning methods are compared based on how much profit the firm makes, how long it takes to learn the optimal pricing, and how buyers' utilities change during learning. An optimal pricing path is also computed using dynamic programming to serve as a benchmark for the learning methods.
Predicting Bank Customer Churn Using ClassificationVishva Abeyrathne
This document describes a study that used classification models to predict customer churn for a bank. The authors collected a dataset of 10,000 bank customers from Kaggle and preprocessed the data. They then explored relationships between features and the target variable of whether a customer churned. Two classification models were tested - KNN and Decision Tree. After hyperparameter tuning, Decision Tree achieved the best accuracy of 84.25%, outperforming KNN. However, both models struggled to accurately predict customers who would churn. The authors concluded Decision Tree was the best model but recommend collecting more data on churning customers.
The document examines how four factors - whether a bundle is pure or mixed, the price discount of a pure bundle compared to individual components, the functional complementarity of bundle components, and the number of components - affect consumers' intentions to purchase product and service bundles. Two studies were conducted on automobile and automotive service bundles that varied the four factors. The findings showed that pure bundles generated greater purchase intentions than mixed bundles. Larger price discounts and components that were very functionally related also led to higher purchase intentions. Intention was highest for bundles with five components due to cognitive limitations. Several interactions between the factors were also found to influence purchase intentions.
Implementation and Validation of Supplier Selection Model for Shaper Machine ...IJSRD
Supplier selection is the process through which firms identify, evaluate, and contract with suppliers. The supplier selection process deploys a tremendous amount of a firm’s financial resources. In return, manufacturing industries expect important benefits from contracting with suppliers offering high value. Like many complex supply chain problems, vendor selection problems are not so well defined which can be handed over completely to computers, whereas many human characteristics are also essential to the issues. In this paper attention is given to the fuzzy System helps Vendor Selection Problem (VSP) for Radial Drilling Bed (RDB). It required expert’s view, conversion it into fuzzy term, making 8 rule base Model with implementing Fuzzy System using MATLAB. At ending point, conclusions and likely areas of Fuzzy in selecting vendors are present.
This document proposes a tool called ASCTM (Agile Supply Chain Transformation Matrix) and implementation methodology to help organizations achieve supply chain agility. It discusses factors that necessitate agility like globalization and competitive pressures. It defines agility and discusses its importance as a business strategy. The document also classifies different types of potential changes in purchasing requirements from suppliers and cites a research paper on developing an integrated tool to create an agile enterprise through transforming the supply chain.
Supply chain management in the textile industryManish Tiwary
This document summarizes a study on developing an analytical hierarchy process (AHP) model for supplier selection in the textile industry. The study first discusses the importance of supply chain management and performance measurement in the apparel industry. It then presents an AHP model that breaks down the supplier selection problem into a hierarchy. The model identifies key criteria like cost, quality, and delivery and allows pairwise comparisons to determine weights for each criterion. This helps apparel companies systematically evaluate and select suppliers that best fit their supply chain strategy and goals.
The document provides an overview of economics concepts including:
- Production, factors of production, production functions, and laws of returns.
- Demand, determinants of demand, demand schedules/curves, price elasticity, and income elasticity.
- Costs including economic costs, direct/indirect costs, cost functions, and average/marginal costs.
- Price determination including equilibrium price, demand and supply shifts, perfect competition equilibrium, and monopolistic equilibrium.
A NOVEL APPROACH FOR ALLOCATING NETWORK AND IT RESOURCES OFFERED BY DIFFERENT...ijdpsjournal
IT TECHNOLOGIES ARE INCREASINGLY BEING USED TO OFFER COMPUTING RESOURCES OR INFORMATION IN
DIFFERENT LOCATIONS USING NETWORK RESOURCES. IN THIS PAPER WE ADDRESS THE PROBLEM OF
ALLOCATING RESOURCES TO ENABLE CUSTOMERS COMPOSE THEIR OWN DESIRED SERVICES. WE PROPOSE AN
AUCTION MECHANISM THAT COMPRISES INDEPENDENT AUCTIONS PERFORMED BY EACH PROVIDER AND
INVESTIGATE BIDDING STRATEGIES AND SOCIAL WELFARE.
Supplier ranking and selection in a bakeryIOSR Journals
This document describes a study that used the Analytic Hierarchy Process (AHP) to evaluate and rank three suppliers (Supplier A, B, C) of a key ingredient for a bakery in Nigeria. The AHP involves breaking the decision down into a hierarchy of criteria and sub-criteria. Five main criteria were identified: quality, performance, service, cost, and supplier profile. Pairwise comparisons were made between criteria to calculate weights. Each supplier was then scored on each sub-criterion and an overall weight calculated. It was found that Supplier C provided the best overall value, though the suppliers were generally quite close in performance.
This document provides an overview of key concepts in engineering economics and financial accounting. It defines managerial economics and engineering economics, and discusses topics like demand, elasticity, costs, profits, budgets, and financial analysis. Some key points covered include defining fixed and variable costs, discussing methods of demand forecasting and types of elasticity, and explaining tools for capital budgeting like net present value, payback period, and internal rate of return.
AN OPTIMIZING INTEGRATED INVENTORY MODEL WITH INVESTMENT FOR QUALITY IMPROVEM...IJITCA Journal
This document summarizes an integrated inventory model that considers investment for quality improvement and setup cost reduction for a vendor and buyer. The model aims to maximize total profit for the supply chain. It accounts for factors such as price-dependent demand, production costs including defective items, setup costs, and investment costs for quality improvement and setup cost reduction. An analytical approach is used to determine optimal order quantity, quality improvement investment, and setup cost reduction investment. A numerical example is provided to illustrate the model.
AN OPTIMIZING INTEGRATED INVENTORY MODEL WITH INVESTMENT FOR QUALITY IMPROVEM...IJITCA Journal
This paper presents a vendor-buyer integrated inventory model. This paper considers the problem of a vendor and buyer integrated production inventory model for the vendor and the buyer optimization model
under quality improvement investment and setup cost reduction in the production system such that the total
profit is maximized. The relationship between demand and price is considered as a linear. Entirety profit is
the supply chain presentation calculate and it is calculated as the dissimilarity among revenue from sales
and total cost, where the last is the sum of the vendor’s and buyer’s setup/order and inventory holding
costs, opportunity in setup cost and opportunity investment cost. This manuscript efforts to conclude the
optimal production run time and capital investments in setup cost reduction and process quality
improvement for production system such that the total profit is maximized. The main focus for this paper is
the setup cost reduction and investment for quality improvement. The proposed model is based on the
integrated total profit for both buyer and vendor which find out the optimal value of order quantity,
opportunity investment cost for quality improvement and setup cost reduction. The solution procedure is
developed in order to find the total profit of the vendor and the buyer which is to be maximized. To conclude, a numerical example is given to demonstrate the solution procedure.
STRATEGIES OF DELAY DELIVERY AND CONTROLLABLE LEAD TIME IN SUPPLY CHAIN CONSI...IAEME Publication
This paper describes about two strategies in consignment inventory based supply
chain with controllable lead time and delaying last delivery comprising a two level
supply chain involving single vendor and multi buyers. This model would give
minimum joint total expected cost of the strategies involving vendor and buyer,
simultaneously to optimize quantitative decision variables. Numerical examples are
presented to demonstrate the benefit of the proposed strategies and the effect of
changes on the cost and parameters are studied.
An integrated inventory optimisation model for facility location allocation p...Ramkrishna Manatkar
This document presents a mathematical model for an integrated inventory optimization problem for a multi-echelon supply chain network. The model considers inventory, transportation and location decisions with the objectives of minimizing total inventory holding and transportation costs while meeting customer service level requirements. The model is formulated as a multi-objective non-linear integer programming problem to determine optimal assignments of retailers to distribution centers, safety stock levels at each facility, regular stock levels, and maximum inventory levels at each echelon. The model is tested on real data from steel industry supply chains to provide practical guidelines for inventory management and distribution network design.
Introduction to Vendor Management Inventory Abu Talha
What is Supply Chain Management ? Integrating Management and information technology to flourish performance.
What Is Vendor Managed Inventory ?
1. Vendor Managed Inventory or VMI is a process where the vendor creates orders for their customers based on demand information that they receive from the customer. 2. VMI involves collaboration between suppliers and their customers which changes the traditional ordering process.
Schematic Diagram of VMI
WHY USE VMI ?
VMI removes the need for the customers to have significant safety stock. Lower inventories for the customer can lead to significant cost savings.
The customer can make profit from reduced purchasing costs. As the vendor receives data so the customer don’t need to produce purchasing costs ever.
Moreover, the need for purchase order corrections and reconciliation is removed which further reduces purchasing costs.
DUAL BENEFITS (both Supplier and Customer) 1. Less data errors and the overall speed of processing is increased. 2. Having aim to provide better service to the end consumer. 3. Purchase orders are generated on predefined basis. 4. Relation between suppliers and customers are getting strong enough.
Customer Benefits
1. A decrease in stockouts and a decrease in inventory levels. 2. Planning and ordering cost will be decreased. 3. Overall service level is elevated. 4. The customer is more focused in providing great service.
Suppliers Benefits
1. A reduction in customer ordering errors. 2. Promotions can be easily promoted to inventory plans. 3. Customers' point of sell data makes forecasting easier. 4. Philosophy to customer’s stock levels helps to identify priorities.
Comparison between VMI & RMI
Vendor Managed Inventory(VMI)
1. Vendor stocks the resources in suppliers premises. 2. Vendor is solely responsible for the stock availability. 3. VMI focuses on collaboration and share information between trading partners. 4. It is termed as a model of family business.
Retail Managed Inventory (RMI)
1. Supplier stocks the resources in buyer’s premises.2. Retailer is solely responsible for the stock availability. 3. RMI always focused on improving forecasting. 4. It is termed as business model of business.
This document summarizes a study on supply chain management in the textile industry and a supplier selection model using analytical hierarchy process. It discusses key factors for a successful supply chain in the globalized textile industry. The study presents an AHP model that apparel companies can use to select suppliers and develop a supplier relationship management strategy. The model identifies strategic priorities and weights to select suppliers that align with the company's strategy. The outcome and implications of the model for implementation are also discussed.
A global economy and increase in customer expectations in terms of cost and services
have put a premium on eective supply chain reengineering. It is essential to perform
risk benet analysis of reengineering alternatives before making a nal decision. Sim-
ulation provides an eective pragmatic approach to detailed analysis and evaluation of
supply chain design and management alternatives. However, the utility of this method-
ology is hampered by the time and eort required to develop models with sucient
delity to the actual supply chain of interest. In this paper, we describe a supply-chain
modeling framework designed to overcome this diculty. Using our approach, supply
chain models are composed from software components that represent types of supply
chain agents (like retailers, manufacturers, transporters), their constituent control ele-
ments (like inventory policy), and their interaction protocols (like message types). The
underlying library of supply chain modeling components has been derived from anal-
ysis of several dierent supply chains. It provides a reusable base of domain-specic
primitives that enables rapid development of customized decision support tools.
Inventory Models Involving Lead Time Crashing Cost as an Exponential Functionijmvsc
Inventory management and control is concerned with the acquisition and storage of materials required for
supporting various business operations. Lead time reduction is another important production activity in an
integrated inventory control. Lead time plays a vital role and has been a topic of interest for many authors
in inventory organization.
Lead time is a necessary aspect in any supply chain management and inventory management system. The
time gap between placing of an order and its actual arrival in the inventory is known as lead time. In most
of the literature dealing with inventory problems, either in deterministic or probabilistic model, lead time is
viewed as a prescribed constant or a stochastic variable, which therefore, is not subject to control. But, in
numerous sensible circumstances, lead time can he reduced by an additional crashing cost; in other words,
it is controllable, so in this article, we have considered the lead time crashing cost is an exponential
function of lead time. A solution procedure is developed to find the optimal solution.
In this article, both lead time and the order quantity are considered as the decision variables. The
behaviour of the model is presented graphically. The result is illustrated with the help of a numerical
example. Finally, Graphical representation is presented to illustrate the model. The solution procedure
with the help of the software Matlab 2008 is furnished to determine the optimal solution.
Order Size Dependent Trade Credit Study in a Three Echelon Supply Chain ModelEditor IJCATR
In present study, we generalize order linked trade credit policy in three echelon supply chain system where manufacturer,
distributor and retailer are involved and manufacturer provide a delay period to distributor and distributor also provide a order linked
trade credit policy to his retailers. Whole study is discussed in time dependent production and demand rate. We model a three echelon
supply chain system as cost minimization to determine the system’s optimal cycle time. In this paper, we determine the optimal cycle
time, optimal order quantity and optimal payment time. Finally numerical examples are given to illustrate the result and the managerial
insights are also obtained
Reading Assignment Report-IIPlease thoroughly go through the R.docxcatheryncouper
Reading Assignment Report-II
Please thoroughly go through the Reading Assignment posted under Chapter 8 on Moodle (Vanteddu et al., 2006, Research Publication) at least twice.
Please make a summary of the research article in your own words that is at least two pages in length, clearly identifying the purpose, research contribution and conclusions of the research. Provide appropriate citations of the works referred to in your summary. Your summary must be typed. Please use appropriate font and 1.5 line spacing.
The material posted on our course website;
Understanding the concepts;
Want to have a one-to-one demonstration of solving a given problem;
Questions about your grade and where you stand at a given point of time in the semester etc.
Supply chain focus dependent safety stock placement
Gangaraju Vanteddu Æ Ratna Babu Chinnam Æ
Kai Yang Æ Oleg Gushikin
Published online: 18 April 2008
� Springer Science+Business Media, LLC 2008
Abstract Increasing globalization, growing product range diversity, and rising
consumer awareness are making markets highly competitive, forcing supply chains
to adapt constantly to different stimuli. Growing competition between supply chains
(as well as players within them) is also warranting a priority for overall supply chain
performance over the goals of individual players. It is now well established in the
literature that, among the many order winners, both overall supply chain cost and
responsiveness (i.e., supply chain lead time) are the most significant determinants of
supply chain competitiveness. The literature, however, mostly focuses on supply
chain cost minimization with rather simplistic treatment of responsiveness. By
introducing the concept of a coefficient of inverse responsiveness (CIR), we facil-
itate efficient introduction of responsiveness related costs into the scheme of supply
chain (SC) performance evaluation and/or optimization. Thus, our model aids
supply chain managers in achieving better strategic fit between individual business
unit strategies and overall supply chain requirements in terms of cost efficiency and
responsiveness. In particular, it aids in strategic placement of safety stocks at dif-
ferent stages in the supply chain. Our model also offers managerial insights that help
improve our intuitions into supply chain dynamics. The model is more suited for
G. Vanteddu � R. B. Chinnam (&) � K. Yang
Department of Industrial & Manufacturing Engineering, Wayne State University,
4815 Fourth Street, Detroit, MI 48202, USA
e-mail: [email protected]
G. Vanteddu
e-mail: [email protected]
K. Yang
e-mail: [email protected]
O. Gushikin
Ford Research and Advanced Engineering, 2101 Village Road, Dearborn, MI 48121, USA
e-mail: [email protected]
123
Int J Flex Manuf Syst (2007) 19:463–485
DOI 10.1007/s10696-008-9050-z
strategic SC alignment, for example, when dealing with product changeovers or
introduction of new product, rather than for operational control ...
Supply chain definition
The systemic, strategic coordination of the traditional business functions and the tactics across these business functions within a particular company and across businesses within the supply chain, for the purposes of improving the long-term performance of the individual companies and the supply chain as a whole.”
“A supply chain is the alignment of firms that bring products or services to market.”
“A supply chain consists of all stages involved, directly or indirectly, in fulfilling a customer request. The supply chain not only includes the manufacturer and suppliers, but also transporters, warehouses, retailers, and customers themselves.”
“A supply chain is a network of facilities and distribution options that performs the functions of procurement of materials, transformation of these materials into intermediate and finished products, and the distribution of these finished products to customers.”
“Supply chain management is the coordination of production, inventory, location, and transportation among the participants in a supply chain to achieve the best mix of responsiveness and efficiency for the market being served.”
There is a difference between the concept of supply chain management and the traditional concept of logistics. Logistics typically refers to activities that occur within the boundaries of a single organization and supply chains refer to networks of companies that work together and coordinate their actions to deliver a product to market. Also traditional logistics focuses its attention on activities such as procurement, distribution, maintenance, and inventory management. Supply chain management acknowledges all of traditional logistics and also includes activities such as marketing, new product development, finance, and customer service. Supply chain management views the supply chain and the organizations in it as a single entity. It brings a systems approach to understanding and managing the different activities needed to coordinate the flow of products and services to best serve the ultimate customer.
Different supply chain requirements often have conflicting needs. For instance, the requirement of maintaining high levels of customer service calls for maintaining high levels of inventory, but then the requirement to operate efficiently calls for reducing inventory levels. It is only when these requirements are seen together as parts of a larger picture that ways can be found to effectively balance their different demands.
Effective supply chain management requires simultaneous improvements in both customer service levels and the internal operating efficiencies of the companies in the supply chain. There is a basic pattern to the practice of supply chain management. Each supply chain has its own unique set of market demands and operating challenges and yet the issues remain essentially the same in every case. Companies in any supply chain must make decisions indivi
An application of Supply Chain Managment on present business organizationsDepesh Banik
The document discusses supply chain management and its application in present business organizations. It defines supply chain as a network of facilities working together to procure materials, transform them into products, and distribute the finished products to customers. The objectives are to understand how supply chain concepts are applied, how supply chains work within organizations, and how supply chain adaptations affect organizations. Research was conducted through literature reviews and interviews with supply chain professionals.
The Simulation of the Supply Chain in an Investment Company by Genetic Algori...Mohammad Ali Arjamfekr
Nowadays, the supply chain is considered as the most effective element among the economic and manufacturing enterprises and the reason of its foundation is the increase of the pressures by the customer demands on high quality and quick service. Time management in the supply chain causes quick service and the enhancement of customers’ satisfaction level that is the most important component for managing waiting reduction time. After the selection of the suitable supplier, the amount of optimal order of each one of the suppliers must be obtained, implementing using the multi-objective planning models. Thus the purpose of this study is to investigate the simulation of the supply chain in an investment company by genetic algorithm and PSO. This work is done using the multi-objective model design, with the purposes of reducing existing costs in chain, as well as maximizing the purchased materials’ quality from the suppliers.
The document summarizes a research article that develops regression models as an alternative to the "Square Root Law" formula for optimizing the number of warehouses in a distribution network. The regression models were built based on simulations of demand using Gaussian and Gamma distributions. The models allow calculating inventory levels and stock availability for a given number of warehouses. Both regression models were statistically significant with relevant determination coefficients, though the Gaussian model performed slightly better. The results from the "Square Root Law" were sometimes similar but could vary based on demand distribution and variability. The regression models may provide more accurate optimization by accounting for demand characteristics. The models were later expanded to include cost components to analyze total costs for different product groups, availability levels, and number of warehouses
Bayesian approach for spare parts replenishment policies under uncertaintiesIJERD Editor
The legislative constraints, the need to optimize the dismantling process, the introduction of recycled
parts on the spare parts market are reinforced since the systems in end-of-life phase have become increasingly
profitable. There are few works that treat recycled spare parts integration problem in economic models of
inventory control. These works do not consider uncertainty. In order to manage more realistically the inventory
control of spare parts, we propose a probabilistic model formalized by a Bayesian network. The model is used to
identify the best purchase policy. More precisely, it allows choosing the best proportions between new spare
parts (NSP) and recycled spare parts (RSP) by taking into account the traditional criteria of inventory control
and the availability of the spare parts on the market. The proposed method provides a decision-making tool for
manufacturers who are interested both in reducing the costs of stocks and guaranteeing a minimal availability in
an uncertain environment.
The document discusses supply chain management. It defines a supply chain as a network of facilities that procure materials, transform them into products, and deliver products to customers. It discusses key aspects of supply chain management including customer service, inventory management, and flexibility. Customer service depends on maintaining appropriate inventory levels while balancing the costs of inventory against lost sales from stockouts. Flexibility is the ability to respond to changes and depends on flexibility throughout the entire supply chain. The document outlines common pitfalls in inventory management and discusses the effects of globalization on increasing supply chain complexity.
1) The document proposes inventory models that incorporate ordering, pricing, and disposal costs for deteriorating items where demand depends on both stock level and price. It considers these costs as fuzzy numbers to account for imprecision.
2) The models aim to maximize expected profit over a finite planning horizon for a seasonal product. Multiple price changes are allowed to influence demand.
3) The analysis provides optimal decision rules for the times of price changes and examines how parameters like the number of price changes impact profit. Sensitivity analyses are also discussed.
1) The document proposes inventory models that incorporate ordering, pricing, and disposal costs for deteriorating items where demand depends on both stock level and price. It considers fuzzy holding and ordering costs.
2) Key contributions include developing continuous, finite-time models and allowing for multiple price changes to maximize profit when demand is affected by price and inventory levels.
3) The models aim to provide insights into balancing ordering, pricing, and disposal decisions to optimize profits for seasonal items under uncertain costs.
This document provides guidelines for strategic category management of direct materials procurement in global supply chains for consumer goods manufacturers. It discusses key inputs that purchasing managers must understand, including sourcing goals, supply chain costs, supply market intelligence, and cross-functional alignment. The inputs form the basis for strategic sourcing decisions and actions regarding supplier selection, segmentation, risk management, cost reduction, and working capital improvements. The guidelines are intended as a practical guide for professionals managing procurement categories in the consumer goods industry.
Thesis - Mechanizing optimization of warehouses by implementation of machine ...Shrikant Samarth
Task: As Research Project is part of a postgraduate course it is also required that students employ and
develop their research knowledge and skills in an applied fashion. The Research Project must
involve the identification, generation, or collation of relevant primary or secondary data and the
ability to analyze them in a meaningful and critical manner.
Approach: Data was taken from a working organization to resolve the issue regarding the space optimization of the warehouse which results into losses to the company.
Findings: Ada boosting algorithm works best for identification of the blowout products beforehand which would help warehouse manager to apply strategies on the products which would take time to sell. So that, the losses associated to such products can be avoided.
Tools: Python programming, Excel visualizations, Overleaf latex
Similar to CONSIGNMENT INVENTORY SIMULATION MODEL FOR SINGLE VENDOR-MULTI BUYERS IN A SUPPLY CHAIN (20)
Submission Deadline: 30th September 2022
Acceptance Notification: Within Three Days’ time period
Online Publication: Within 24 Hrs. time Period
Expected Date of Dispatch of Printed Journal: 5th October 2022
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By implementing talent management strategy, organizations would have the option to retain their skilled professionals while additionally working on their overall performance. It is the course of appropriately utilizing the ideal individuals, setting them up for future top positions, exploring and dealing with their performance, and holding them back from leaving the organization. It is employee performance that determines the success of every organization. The firm quickly obtains an upper hand over its rivals in the event that its employees having particular skills that cannot be duplicated by the competitors. Thus, firms are centred on creating successful talent management practices and processes to deal with the unique human resources. Firms are additionally endeavouring to keep their top/key staff since on the off chance that they leave; the whole store of information leaves the firm's hands. The study's objective was to determine the impact of talent management on organizational performance among the selected IT organizations in Chennai. The study recommends that talent management limitedly affects performance. On the off chance that this talent is appropriately management and implemented properly, organizations might benefit as much as possible from their maintained assets to support development and productivity, both monetarily and non-monetarily.
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Banking regulations act of India, 1949 defines banking as “acceptance of deposits for the purpose of lending or investment from the public, repayment on demand or otherwise and withdrawable through cheques, drafts order or otherwise”, the major participants of the Indian financial system are commercial banks, the financial institution encompassing term lending institutions. Investments institutions, specialized financial institution and the state level development banks, non banking financial companies (NBFC) and other market intermediaries such has the stock brokers and money lenders are among the oldest of the certain variants of NBFC and the oldest market participants. The asset quality of banks is one of the most important indicators of their financial health. The Indian banking sector has been facing severe problems of increasing Non- Performing Assets (NPAs). The NPAs growth directly and indirectly affects the quality of assets and profitability of banks. It also shows the efficiency of banks credit risk management and the recovery effectiveness. NPA do not generate any income, whereas, the bank is required to make provisions for such as assets that why is a double edge weapon. This paper outlines the concept of quality of bank loans of different types like Housing, Agriculture and MSME loans in state Haryana of selected public and private sector banks. This study is highlighting problems associated with the role of commercial bank in financing Small and Medium Scale Enterprises (SME). The overall objective of the research was to assess the effect of the financing provisions existing for the setting up and operations of MSMEs in the country and to generate recommendations for more robust financing mechanisms for successful operation of the MSMEs, in turn understanding the impact of MSME loans on financial institutions due to NPA. There are many research conducted on the topic of Non- Performing Assets (NPA) Management, concerning particular bank, comparative study of public and private banks etc. In this paper the researcher is considering the aggregate data of selected public sector and private sector banks and attempts to compare the NPA of Housing, Agriculture and MSME loans in state Haryana of public and private sector banks. The tools used in the study are average and Anova test and variance. The findings reveal that NPA is common problem for both public and private sector banks and is associated with all types of loans either that is housing loans, agriculture loans and loans to SMES. NPAs of both public and private sector banks show the increasing trend. In 2010-11 GNPA of public and private sector were at same level it was 2% but after 2010-11 it increased in many fold and at present there is GNPA in some more than 15%. It shows the dark area of Indian banking sector.
EXPERIMENTAL STUDY OF MECHANICAL AND TRIBOLOGICAL RELATION OF NYLON/BaSO4 POL...IAEME Publication
An experiment conducted in this study found that BaSO4 changed Nylon 6's mechanical properties. By changing the weight ratios, BaSO4 was used to make Nylon 6. This Researcher looked into how hard Nylon-6/BaSO4 composites are and how well they wear. Experiments were done based on Taguchi design L9. Nylon-6/BaSO4 composites can be tested for their hardness number using a Rockwell hardness testing apparatus. On Nylon/BaSO4, the wear behavior was measured by a wear monitor, pinon-disc friction by varying reinforcement, sliding speed, and sliding distance, and the microstructure of the crack surfaces was observed by SEM. This study provides significant contributions to ultimate strength by increasing BaSO4 content up to 16% in the composites, and sliding speed contributes 72.45% to the wear rate
ROLE OF SOCIAL ENTREPRENEURSHIP IN RURAL DEVELOPMENT OF INDIA - PROBLEMS AND ...IAEME Publication
The majority of the population in India lives in villages. The village is the back bone of the country. Village or rural industries play an important role in the national economy, particularly in the rural development. Developing the rural economy is one of the key indicators towards a country’s success. Whether it be the need to look after the welfare of the farmers or invest in rural infrastructure, Governments have to ensure that rural development isn’t compromised. The economic development of our country largely depends on the progress of rural areas and the standard of living of rural masses. Village or rural industries play an important role in the national economy, particularly in the rural development. Rural entrepreneurship is based on stimulating local entrepreneurial talent and the subsequent growth of indigenous enterprises. It recognizes opportunity in the rural areas and accelerates a unique blend of resources either inside or outside of agriculture. Rural entrepreneurship brings an economic value to the rural sector by creating new methods of production, new markets, new products and generate employment opportunities thereby ensuring continuous rural development. Social Entrepreneurship has the direct and primary objective of serving the society along with the earning profits. So, social entrepreneurship is different from the economic entrepreneurship as its basic objective is not to earn profits but for providing innovative solutions to meet the society needs which are not taken care by majority of the entrepreneurs as they are in the business for profit making as a sole objective. So, the Social Entrepreneurs have the huge growth potential particularly in the developing countries like India where we have huge societal disparities in terms of the financial positions of the population. Still 22 percent of the Indian population is below the poverty line and also there is disparity among the rural & urban population in terms of families living under BPL. 25.7 percent of the rural population & 13.7 percent of the urban population is under BPL which clearly shows the disparity of the poor people in the rural and urban areas. The need to develop social entrepreneurship in agriculture is dictated by a large number of social problems. Such problems include low living standards, unemployment, and social tension. The reasons that led to the emergence of the practice of social entrepreneurship are the above factors. The research problem lays upon disclosing the importance of role of social entrepreneurship in rural development of India. The paper the tendencies of social entrepreneurship in India, to present successful examples of such business for providing recommendations how to improve situation in rural areas in terms of social entrepreneurship development. Indian government has made some steps towards development of social enterprises, social entrepreneurship, and social in- novation, but a lot remains to be improved.
OPTIMAL RECONFIGURATION OF POWER DISTRIBUTION RADIAL NETWORK USING HYBRID MET...IAEME Publication
Distribution system is a critical link between the electric power distributor and the consumers. Most of the distribution networks commonly used by the electric utility is the radial distribution network. However in this type of network, it has technical issues such as enormous power losses which affect the quality of the supply. Nowadays, the introduction of Distributed Generation (DG) units in the system help improve and support the voltage profile of the network as well as the performance of the system components through power loss mitigation. In this study network reconfiguration was done using two meta-heuristic algorithms Particle Swarm Optimization and Gravitational Search Algorithm (PSO-GSA) to enhance power quality and voltage profile in the system when simultaneously applied with the DG units. Backward/Forward Sweep Method was used in the load flow analysis and simulated using the MATLAB program. Five cases were considered in the Reconfiguration based on the contribution of DG units. The proposed method was tested using IEEE 33 bus system. Based on the results, there was a voltage profile improvement in the system from 0.9038 p.u. to 0.9594 p.u.. The integration of DG in the network also reduced power losses from 210.98 kW to 69.3963 kW. Simulated results are drawn to show the performance of each case.
APPLICATION OF FRUGAL APPROACH FOR PRODUCTIVITY IMPROVEMENT - A CASE STUDY OF...IAEME Publication
Manufacturing industries have witnessed an outburst in productivity. For productivity improvement manufacturing industries are taking various initiatives by using lean tools and techniques. However, in different manufacturing industries, frugal approach is applied in product design and services as a tool for improvement. Frugal approach contributed to prove less is more and seems indirectly contributing to improve productivity. Hence, there is need to understand status of frugal approach application in manufacturing industries. All manufacturing industries are trying hard and putting continuous efforts for competitive existence. For productivity improvements, manufacturing industries are coming up with different effective and efficient solutions in manufacturing processes and operations. To overcome current challenges, manufacturing industries have started using frugal approach in product design and services. For this study, methodology adopted with both primary and secondary sources of data. For primary source interview and observation technique is used and for secondary source review has done based on available literatures in website, printed magazines, manual etc. An attempt has made for understanding application of frugal approach with the study of manufacturing industry project. Manufacturing industry selected for this project study is Mahindra and Mahindra Ltd. This paper will help researcher to find the connections between the two concepts productivity improvement and frugal approach. This paper will help to understand significance of frugal approach for productivity improvement in manufacturing industry. This will also help to understand current scenario of frugal approach in manufacturing industry. In manufacturing industries various process are involved to deliver the final product. In the process of converting input in to output through manufacturing process productivity plays very critical role. Hence this study will help to evolve status of frugal approach in productivity improvement programme. The notion of frugal can be viewed as an approach towards productivity improvement in manufacturing industries.
A MULTIPLE – CHANNEL QUEUING MODELS ON FUZZY ENVIRONMENTIAEME Publication
In this paper, we investigated a queuing model of fuzzy environment-based a multiple channel queuing model (M/M/C) ( /FCFS) and study its performance under realistic conditions. It applies a nonagonal fuzzy number to analyse the relevant performance of a multiple channel queuing model (M/M/C) ( /FCFS). Based on the sub interval average ranking method for nonagonal fuzzy number, we convert fuzzy number to crisp one. Numerical results reveal that the efficiency of this method. Intuitively, the fuzzy environment adapts well to a multiple channel queuing models (M/M/C) ( /FCFS) are very well.
Comparative analysis between traditional aquaponics and reconstructed aquapon...bijceesjournal
The aquaponic system of planting is a method that does not require soil usage. It is a method that only needs water, fish, lava rocks (a substitute for soil), and plants. Aquaponic systems are sustainable and environmentally friendly. Its use not only helps to plant in small spaces but also helps reduce artificial chemical use and minimizes excess water use, as aquaponics consumes 90% less water than soil-based gardening. The study applied a descriptive and experimental design to assess and compare conventional and reconstructed aquaponic methods for reproducing tomatoes. The researchers created an observation checklist to determine the significant factors of the study. The study aims to determine the significant difference between traditional aquaponics and reconstructed aquaponics systems propagating tomatoes in terms of height, weight, girth, and number of fruits. The reconstructed aquaponics system’s higher growth yield results in a much more nourished crop than the traditional aquaponics system. It is superior in its number of fruits, height, weight, and girth measurement. Moreover, the reconstructed aquaponics system is proven to eliminate all the hindrances present in the traditional aquaponics system, which are overcrowding of fish, algae growth, pest problems, contaminated water, and dead fish.
Presentation of IEEE Slovenia CIS (Computational Intelligence Society) Chapte...University of Maribor
Slides from talk presenting:
Aleš Zamuda: Presentation of IEEE Slovenia CIS (Computational Intelligence Society) Chapter and Networking.
Presentation at IcETRAN 2024 session:
"Inter-Society Networking Panel GRSS/MTT-S/CIS
Panel Session: Promoting Connection and Cooperation"
IEEE Slovenia GRSS
IEEE Serbia and Montenegro MTT-S
IEEE Slovenia CIS
11TH INTERNATIONAL CONFERENCE ON ELECTRICAL, ELECTRONIC AND COMPUTING ENGINEERING
3-6 June 2024, Niš, Serbia
A review on techniques and modelling methodologies used for checking electrom...nooriasukmaningtyas
The proper function of the integrated circuit (IC) in an inhibiting electromagnetic environment has always been a serious concern throughout the decades of revolution in the world of electronics, from disjunct devices to today’s integrated circuit technology, where billions of transistors are combined on a single chip. The automotive industry and smart vehicles in particular, are confronting design issues such as being prone to electromagnetic interference (EMI). Electronic control devices calculate incorrect outputs because of EMI and sensors give misleading values which can prove fatal in case of automotives. In this paper, the authors have non exhaustively tried to review research work concerned with the investigation of EMI in ICs and prediction of this EMI using various modelling methodologies and measurement setups.
Embedded machine learning-based road conditions and driving behavior monitoringIJECEIAES
Car accident rates have increased in recent years, resulting in losses in human lives, properties, and other financial costs. An embedded machine learning-based system is developed to address this critical issue. The system can monitor road conditions, detect driving patterns, and identify aggressive driving behaviors. The system is based on neural networks trained on a comprehensive dataset of driving events, driving styles, and road conditions. The system effectively detects potential risks and helps mitigate the frequency and impact of accidents. The primary goal is to ensure the safety of drivers and vehicles. Collecting data involved gathering information on three key road events: normal street and normal drive, speed bumps, circular yellow speed bumps, and three aggressive driving actions: sudden start, sudden stop, and sudden entry. The gathered data is processed and analyzed using a machine learning system designed for limited power and memory devices. The developed system resulted in 91.9% accuracy, 93.6% precision, and 92% recall. The achieved inference time on an Arduino Nano 33 BLE Sense with a 32-bit CPU running at 64 MHz is 34 ms and requires 2.6 kB peak RAM and 139.9 kB program flash memory, making it suitable for resource-constrained embedded systems.
Batteries -Introduction – Types of Batteries – discharging and charging of battery - characteristics of battery –battery rating- various tests on battery- – Primary battery: silver button cell- Secondary battery :Ni-Cd battery-modern battery: lithium ion battery-maintenance of batteries-choices of batteries for electric vehicle applications.
Fuel Cells: Introduction- importance and classification of fuel cells - description, principle, components, applications of fuel cells: H2-O2 fuel cell, alkaline fuel cell, molten carbonate fuel cell and direct methanol fuel cells.
Understanding Inductive Bias in Machine LearningSUTEJAS
This presentation explores the concept of inductive bias in machine learning. It explains how algorithms come with built-in assumptions and preferences that guide the learning process. You'll learn about the different types of inductive bias and how they can impact the performance and generalizability of machine learning models.
The presentation also covers the positive and negative aspects of inductive bias, along with strategies for mitigating potential drawbacks. We'll explore examples of how bias manifests in algorithms like neural networks and decision trees.
By understanding inductive bias, you can gain valuable insights into how machine learning models work and make informed decisions when building and deploying them.
Advanced control scheme of doubly fed induction generator for wind turbine us...IJECEIAES
This paper describes a speed control device for generating electrical energy on an electricity network based on the doubly fed induction generator (DFIG) used for wind power conversion systems. At first, a double-fed induction generator model was constructed. A control law is formulated to govern the flow of energy between the stator of a DFIG and the energy network using three types of controllers: proportional integral (PI), sliding mode controller (SMC) and second order sliding mode controller (SOSMC). Their different results in terms of power reference tracking, reaction to unexpected speed fluctuations, sensitivity to perturbations, and resilience against machine parameter alterations are compared. MATLAB/Simulink was used to conduct the simulations for the preceding study. Multiple simulations have shown very satisfying results, and the investigations demonstrate the efficacy and power-enhancing capabilities of the suggested control system.
CHINA’S GEO-ECONOMIC OUTREACH IN CENTRAL ASIAN COUNTRIES AND FUTURE PROSPECTjpsjournal1
The rivalry between prominent international actors for dominance over Central Asia's hydrocarbon
reserves and the ancient silk trade route, along with China's diplomatic endeavours in the area, has been
referred to as the "New Great Game." This research centres on the power struggle, considering
geopolitical, geostrategic, and geoeconomic variables. Topics including trade, political hegemony, oil
politics, and conventional and nontraditional security are all explored and explained by the researcher.
Using Mackinder's Heartland, Spykman Rimland, and Hegemonic Stability theories, examines China's role
in Central Asia. This study adheres to the empirical epistemological method and has taken care of
objectivity. This study analyze primary and secondary research documents critically to elaborate role of
china’s geo economic outreach in central Asian countries and its future prospect. China is thriving in trade,
pipeline politics, and winning states, according to this study, thanks to important instruments like the
Shanghai Cooperation Organisation and the Belt and Road Economic Initiative. According to this study,
China is seeing significant success in commerce, pipeline politics, and gaining influence on other
governments. This success may be attributed to the effective utilisation of key tools such as the Shanghai
Cooperation Organisation and the Belt and Road Economic Initiative.
Using recycled concrete aggregates (RCA) for pavements is crucial to achieving sustainability. Implementing RCA for new pavement can minimize carbon footprint, conserve natural resources, reduce harmful emissions, and lower life cycle costs. Compared to natural aggregate (NA), RCA pavement has fewer comprehensive studies and sustainability assessments.
Introduction- e - waste – definition - sources of e-waste– hazardous substances in e-waste - effects of e-waste on environment and human health- need for e-waste management– e-waste handling rules - waste minimization techniques for managing e-waste – recycling of e-waste - disposal treatment methods of e- waste – mechanism of extraction of precious metal from leaching solution-global Scenario of E-waste – E-waste in India- case studies.
2. Chidurala Srinivas
http://www.iaeme.com/IJARET/index.asp 342 editor@iaeme.com
practice, although the underlying philosophy is the same. The lack of a universal definition
for SCM is because of the multidisciplinary origin and evolution of the concept. Simchi-Levi
et al., (2000) defined SCM as a set of approaches utilized to efficiently coordinate and
integrate suppliers, manufacturers, warehouses and stores with planning, implementation and
control of material, information and money between vendor and buyer along the echelon, so
that merchandise is produced and distributed with right quantities, to the right location and at
right time in order to minimize system wide cost, while satisfying service level requirements.
In this paper an effective simulation based inventory control model of Consignment Stock
(CS) policy is proposed. In CS model, vendor stocks his finished products at buyer’s
warehouse without changing the ownership, which leads to suppression of vendor inventory.
To fulfill this concept, the vendor should be close to buyer’s production line so that the
material may be picked up whenever needed. The CS with single vendor multiple buyer
models is viewed as a classification of divergent type of supply chain with end 2 multi end
case. In CS model vendor adopts push system whereas the change of ownership commence
during pull system. This creates a condition of the shared benefit, neither the vendor nor the
buyer will benefit until the product is sold to an end user. The key benefit to the buyer is that
he doesn’t have to tie up his capital. This doesn't mean that there is no inventory carrying
costs for buyer, he does still incur costs but, related to storing and managing the inventory.
This is very clear, that both parties incur holding costs, however, it depend on different rates
and the length of time for which materials are stocked in a general model at echelon locations
of SC.
Finally, the buyer sees a lower inventory cost per unit that is, only hb stock instead of the
entire hb stock+ hb finance further there is no longer any administrative cost per placing an order
as in fact there is no longer any order. CS model is conveniently adopted in small size and
less cost items. Typically it is best suitable for automobile spare parts, pharmaceutical,
electronic, newspaper, fast moving consumer goods, retail items of super and hyper markets.
2. LITERATURE REVIEW
Corbett (2001) is credited to be the first person to give about the fundamentals of
consignment stock model. The basic fundamental of consignment stock model is explained in
detail in Braglia & Zavanella (2003), Valentini & Zavanella (2003), Simone & Grubbstrom
(2004), and Srinivas & Rao (2006). Valentini & Zavanella (2003) presented an industrial case
and performance analysis of consignment stock policy for a single vendor and single buyer.
Braglia & Zavanella (2003) presented an analytical modeling approach which concerns
deterministic single vendor- single buyer allowing the analyst to identify the optimal
inventory level and shipment policy for optimizing total costs. He also discussed performance
evaluation of CS model, which is an effective alternate to Hills (1997, 1999) models. Srinivas
& Rao (2006) developed an analytical single vendor – single buyer inventory model for
stochastic demand and controllable lead times.
The authors in this paper have formulated a simulation work which is an extended
framework of Srinivas & Rao (2006) of CS strategy inventory model for a stochastic nature of
single vendor – single buyer for single product and further extended to single vendor-multi
buyers dealing for single product under stochastic demands.
3. SIMULATION MODEL
To compute real world situations, simulation is widely used by many researchers to study the
performance of the supply chain, as it aims to build models with many realistic details and
enables us to understand the dynamical interactions among various members. By definition
simulation is an experimental method, i.e., the analysts experiment with different input values
3. Consignment Inventory Simulation Model for Single Vendor-Multi Buyers in a Supply Chain
http://www.iaeme.com/IJARET/index.asp 343 editor@iaeme.com
and different model structures representing different policies/criteria. Towill et al., (1992)
used simulation as a means to evaluate the impact of various inventory policies.
In this paper, Flexsim v 3.0 software is used to build supply chain simulation models,
which is a discrete event simulation to handle stochastic behavior throughout the SC. Flexsim
is a powerful analysis tool that helps to make intelligent decisions in the design and operation
of a system. The optimum values obtained from the enumerate technique analysis of single
vendor – single buyer (Srinivas & Rao, 2006) and Genetic Algorithm (GA) based analytical
model of single vendor – multi buyer (Srinivas & Rao, 2006a) are referred as input to the
developed Flexsim simulation models, which evaluate the effects of various decision
variables on SC performance.
The various quantitative performance parameters considered in this simulation work are;
number of shipments, number of delay deliveries, number of shipments shifted due to partial
information sharing, ordering quantities, average inventory levels of buyer and vendor and
total cost.
3.1. Simulation Model setups
The consignment stock simulation model has been simulated for three different models for
single vendor multiple buyers such as:
Consignment stock without delay delivery (M1).
Consignment stock with delay delivery (M2).
Consignment stock with partial information sharing (M3).
In GA based analysis these models are named as M4, M5 and M6.
3.1.1. Consignment stock without delay delivery
It is a basic consignment stock model. The inventory cost per unit is driven by two
components: a financial cost (hfin) and holding cost (hhold). When the product is with vendor,
he incurs both hv fin and hv hold, buyer did not incur any cost. When the product is with buyer,
vendor still incurs hv fin , where as buyer incurs only hv hold. In traditional models, when
product is with vendor he incurs hv fin and hv hold buyer did not incur any cost, when it is with
buyer incurs hb fin and hb hold, vendor did not incur any cost. In CS model, the buyer sees a
lower inventory cost per unit that is, only hb stock instead of the entire hb stock + hb finance further
there is no longer any administrative cost for placing an order as in fact there is no longer any
order.
The inventory position at a member is defined as the total on hand inventory minus back
order quantity. In continuous review period model, the net inventory position is set to try to
restore to as,
T D safety stockn n
i
I ≥n
n=1
(1)
For buyer i, the replenishment quantity is the difference between its safety stock and the
current inventory level. The ordering quantity is replenished in such a way that there will not
be any shortages during the replenishment. However, shortages may exist after end of the
replenishment period. It is due to the stochastic environment, hence it is necessary to maintain
certain safety stock along the echelons.
3.1.2. Consignment stock with delay delivery
In this model, the last delivery in the corresponding cycle will be delayed whenever maximum
level of buyers inventory is reached until the moment when it no longer determines further
increase in the maximum level already reached. In this model as there is no information
4. Chidurala Srinivas
http://www.iaeme.com/IJARET/index.asp 344 editor@iaeme.com
sharing between vendor and buyer, the delayed deliveries are retained by vendor. This will
increase vendor inventory cost and reduce buyer inventory costs. However, the net effect will
be reduction in JTEC due to saving in shipment cost and inventory costs ( hbi>hv).
3.1.3. Consignment stock with information sharing
In an integrated partial information sharing the unwanted scheduled delivery of a particular
buyer will be shifted to another buyer. Here we assume that in the shifting process, the
quantity shipped is same, as the quantity required to that buyer at that time, for this the vendor
will make adjustments from his stock. The information sharing through Electronic Data
Interchange (EDI), Radio Frequency Identification (RFID) of web based technology reduces
& shortens the time lag in communication, order processing and shipment which intern
reduces the inventory and other related costs (Banerjee & Banerjee, 1994). These techniques
makes feasible for multiple buyers and the supplier to be linked together on a real time basis
and it is possible for the supplier to monitor the consumption pattern of the buyers, if so
desired. It is noticed that the centralized partial information sharing would involve some
investment in information technology enabled EDI/RFID. This investment is made keeping
long term relationship among business parameters and flexibility of business. Sharing
information such as demand, inventory status and order fulfillment status can help companies
to reduce inventory cost, shorten lead time and improve decision making along the SC.
Strader et al., (1998) used multi agent simulation as a tool to study the impact of information
sharing on order fulfillment in divergent assembly supply chain, Closs et al., (1998), found
that information sharing enables inventory costs to be reduced dramatically comparison to the
traditional strategies, while maintaining acceptable order fulfillment cycle times. This model
is given in Fig.1.
Figure 1 One vendor three buyer simulation model with IS
3.2. Model assumptions and notations
Customer demand is normally distributed
Production capacity >0 (i.e., infinite capacity)
' ' 0
1
n
Demand in period t for allbuyer Di
i
>
1
n
Di productionrate productioncapacity
i
≯
5. Consignment Inventory Simulation Model for Single Vendor-Multi Buyers in a Supply Chain
http://www.iaeme.com/IJARET/index.asp 345 editor@iaeme.com
A single product flow through supply chain with
continuous review period
If demand exceeds on hand inventory, it is considered as shortage
Buyer & Vendor have their own holding.
Shortages were permitted but backorders not permitted
The following are the notations and inputs are used;
n total number of buyers, upto 5
di demand rate on buyer i d1=10000, d2,3=13000, d4,5=17000 units/year
p vendor production rate (units/period), 30% more than id
hv vendor holding cost ($ 4/unit/period)
hbi buyer i holding cost ($ 5/unit/period)
s vendor’s setup cost (200 $/setup)
shortage cost (50$/unit)
at transportation cost (30 $/shipment)
4. RESULTS
The input values for this simulation are taken from Srinivas & Rao (2006), Braglia &
Zavanella (2003), and Hans et al (2006). The results with sensitivity variables of simulation
runs are depicted through Tables 1 to 3 and Figures 2 to 5. The simulation was run for three
years with 20% simulation time as warmup time and with 5 replications. The Flexsim
simulation software runs with maximum simulation time/ real time ratio as 160000:1.
The performance variable, fill rate has been calculated as,
( )
1
1
i
Dn In
nfill rate
i
Dn
n
(2)
The fill rate can be defined as the percentage of order that the entity is able to ship to its
downstream customer which is the fraction of customer demands that are met from the stock
(Ram Ganeshan, 1999). The various other performance variables such as along with
sensitivity analysis is given in Tables 2 & 3.
The joint total economic cost (JTEC) in simulation model is more comparing to Genetic
Algorithm model (Srinivas & Rao, 2006a). The total cost in all the strategies increases with
increasing number of buyers (Table 1, Fig.2 & Fig.3). CS with delay and with information
sharing gives less total costs when compare to CS with delay and basic model. It can be
noticed that there is not much difference in two buyers case. However, there is maximum of
16% cost difference in case of five buyers compare to GA model.
The cost saving occur while shifting to CS with information sharing model from basic
model (Fig. 4 & Fig.5) it is more for five buyers. The sensitivity analysis factors such as,
number of shipments, delay deliveries, shifting orders in information sharing and fill rate is
given in Table 3. The number of shipments are less for three and more buyers. It is
economical with information sharing due more fill rate and optimum utilization of shipments
and the delay deliveries consistently less while buyers increasing. The ABQ decreases for
model 1 to model 2 and model 2 to model 3 while AVQ increases. This phenomena reduces
JTEC because hv > hb. The vendor trying to optimize the quantity for all the buyers by shifting
the order among all the buyers through information sharing and also delaying the deliveries so
that JTEC minimizes. Meanwhile the customer fill rate for all cases increases compare to
basic CS and CS with delay delivery models.
6. Chidurala Srinivas
http://www.iaeme.com/IJARET/index.asp 346 editor@iaeme.com
Table 1. JTEC comparison for both simulation and GA
1 vendor – 2 buyers 1 vendor - 3 buyers 1 vendor – 4 buyers 1 vendor – 5buyers
model
GA
simula-
tion
% diff.
GA
simula-
tion
% diff.
GA
simula-
tion
% diff.
GA
simula-
tion
% diff.
cs ( M1) 6032 6032 0 18414 20453 +11 22117 23715 +7.2 28992 33740 +16.4
cs, with delay
(M2)
5880 5880 0 17382 19430 +11.8 21691 23318 +7.5 28230 31250 +10.7
cs, with delay &
with information
sharing (M3)
5768 5865 +1.7 16979 18998 +12 20958 23136 +10.4 27070 30386 +12.3
Figure 2 JTEC comparisons for 2,3,4,5 buyers for simulation
Figure 3 JTEC comparisons for 2,3,4,5 buyers for both simulation and GA
7. Consignment Inventory Simulation Model for Single Vendor-Multi Buyers in a Supply Chain
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Figure 4 % of savings in JTEC for different strategies in simulation
Figure 5 % of saving in JTEC for different strategies in GA
Table 2 Average Buyer Quantity (ABQ) Vs Average Vendor Quantity (AVQ) in simulation model
Model 1 vendor – 2 buyers 1 vendor - 3 buyers 1 vendor – 4 buyers 1 vendor – 5 buyers
GA simulation GA simulation GA simulation GA simulation
ABQ AVQ ABQ AVQ ABQ AVQ ABQ AVQ ABQ AVQ ABQ AVQ ABQ AVQ ABQ AVQ
M1 408 33 819 40 382 35 1520 502 345 126 1515 249 376 127 2388 202
M2 374 84 762 66 278 348 1360 458 305 380 1476 270 318 521 1896 533
M3 373 85 768 132 283 145 1468 452 295 371 1461 390 325 282 2349 730
Table 3. Detail list of no. of shipments, delay deliveries and shifting quantities in information sharing
2 buyers 3 buyers 4 buyers 5 buyers
Model M1/M2/M3 M1/M2/M3 M1/M2/M3 M1/M2/M3
no. of
shipments
7,7/8,8/5,8 2,4,1/3,7,3/5,10,15 3,4,4,4/4,4,4,5/4,4,6,4 3,3,3,3,3/3,3,4,4,4/5,3,3,4,6
delay
deliveries
-,-/2,2/4,2 -,-,-/1,4,1/4,9,8 -,-,-,-/1,1,1,1/1,3,2,3 -,-,-,-,-/1,1,1,1,1/1,2,2,3,2
shifting
orders Jik
j12=3,j21=0 j12=0,j21=0,j31=0,j31=4,
j23=9,j32=0
j23=2,j43=3 j21=1,j25=1,j31=1,j35=1,j41=3
fill rate % 60/62/62 95/96/97 97/97/98 96/97/97
8. Chidurala Srinivas
http://www.iaeme.com/IJARET/index.asp 348 editor@iaeme.com
5. CONCLUSIONS AND FUTURE WORK
In this paper, we have developed a simulation model for consignment stock inventory control
model in supply chain for single vendor multiple buyers dealing with a single product under
stochastic conditions, for different operational strategies. The major implication of our
approach is that the vendor is solely responsible for all inventory related decisions of the
buyers. Which is established through information sharing, leading to less joint total economic
cost compare to with delay and with out delay delivery models ie., basic CS model. Hence the
approach of partial information sharing may be the convenient even though it requires some
sort of system integrations at all the levels.
For a set of input values of Banerjee & Banerjee (1994) gives appr. 50% less cost compare
to our single vendor three buyer CS with information simulation model. With reference to
Srinivas & Rao (2006), our single vendor two buyer simulation model with same input, the
basic CS and CS with delay delivery models gives $ 9405 and $8999 compare to $6846 and
$6511 of their single vendor single buyer. The cost difference in both the cases is less than 38
%.
Future studies have to be made in the areas of consignment stock for multiple vendor –
multiple buyer dealing with multiple products under stochastic conditions. We have used
normal distribution customer demand for our models, other distributions can be incorporated
especially for perishable items.
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