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AN AGENT-BASED SIMULATION OF INVENTORY MANAGEMENT WITH NEGATIVE SHORTAGE COSTS AND UNCERTAIN QUALITY AND LEAD TIMES

Khalaf, Ramez
http://rave.ohiolink.edu/etdc/view?acc_num=osu1275409259

Abstract Details

2010, Master of Science, Ohio State University, Industrial and Systems Engineering.
A small business retailer and wholesaler is part of a supply chain that manufacturers, ships, warehouses, and sells units for commercial and home use in Palestine. Currently, the small business out-sources part of both their supplier and warehousing related decision-making that might normally be relevant in inventory management. With respect to warehousing, what the small business might store as safety stock is currently sold to and, potentially, repurchased from another small business. Therefore, the effective shortage costs are negative. Also, currently the small business must place orders at discrete times when the supplier has a boat coming from Asia. The times when these orders can be placed are only somewhat predictable and occur only typically five times per year. We investigate the concepts associated with two different models of inventory planning to investigate three questions: (1) What (Q, R)-type policy best fits their situation (if any)? (2) how different are the true expected profits from those predicted by the expected profit model associated with the closest (Q, R)-type policy? (3) How much more money could the small business expect to make if they recruited a new, more flexible but potentially lower quality supplier? The first model that we develop is of the form used to derive (Q, R)-type policies. The second model is an agent-based simulation which includes the possibility of adaptation of policies to the observed quality level of a hypothetical new supplier.
Allen Theodore, Dr. (Advisor)
Jerald Brevick, Dr. (Committee Member)
26 p.
Industrial Engineering
Inventory management; Agent based simulation; uncertain quality and lead times; negative shortage costs; Trust; (Q, R)-type policy; Economic order quantity; reorder point

Recommended Citations

Citations

  • Khalaf, R. (2010). AN AGENT-BASED SIMULATION OF INVENTORY MANAGEMENT WITH NEGATIVE SHORTAGE COSTS AND UNCERTAIN QUALITY AND LEAD TIMES [Master's thesis, Ohio State University]. OhioLINK Electronic Theses and Dissertations Center. http://rave.ohiolink.edu/etdc/view?acc_num=osu1275409259

    APA Style (7th edition)

  • Khalaf, Ramez. AN AGENT-BASED SIMULATION OF INVENTORY MANAGEMENT WITH NEGATIVE SHORTAGE COSTS AND UNCERTAIN QUALITY AND LEAD TIMES. 2010. Ohio State University, Master's thesis. OhioLINK Electronic Theses and Dissertations Center, http://rave.ohiolink.edu/etdc/view?acc_num=osu1275409259.

    MLA Style (8th edition)

  • Khalaf, Ramez. "AN AGENT-BASED SIMULATION OF INVENTORY MANAGEMENT WITH NEGATIVE SHORTAGE COSTS AND UNCERTAIN QUALITY AND LEAD TIMES." Master's thesis, Ohio State University, 2010. http://rave.ohiolink.edu/etdc/view?acc_num=osu1275409259

    Chicago Manual of Style (17th edition)

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© 2010, all rights reserved.
This open access ETD is published by The Ohio State University and OhioLINK.