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Multiechelon procurement and distribution policies for traded commodities / Ankur Goel in Management science, Vol. 57 N° 12 (Décembre 2011) 

Public ISBD [article]  in Management science > Vol. 57 N° 12 (Décembre 2011) . - pp. 2228-2244 Titre : Multiechelon procurement and distribution policies for traded commodities Type de document : texte imprimé Auteurs : Ankur Goel, Auteur ; Genaro J. Gutierrez, Auteur Année de publication : 2012 Article en page(s) : pp. 2228-2244 Note générale : Management Langues : Anglais (eng) Mots-clés : Commodity  procurement  Commodity  markets  Marginal  convenience  yield  Multiechelon  inventory  management Résumé : We consider a firm that procures and distributes a commodity from spot and forward markets under randomly fluctuating prices; the commodity is distributed downstream to a set of nonhomogeneous retailers to satisfy random demand. We formulate a model that allows one to compute approximate, but near optimal, procurement and distribution policies for this system, and we explore the value of the commodity's market in providing managers with (a) additional flexibility in procurement and (b) information on price dynamics generated through the trading of futures contracts. Our results indicate that the presence of the commodity market and the information that it conveys may lead to significant reductions in inventory-related costs; however, to obtain these benefits, both the spot procurement flexibility and the term structure of prices generated by the commodity market must be incorporated in the formulation of the operating policy. Managerial insights on the procurement strategy as a function of variability in prices and demand are also discussed. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/12.toc [article] Multiechelon procurement and distribution policies for traded commodities [texte imprimé] / Ankur Goel, Auteur ; Genaro J. Gutierrez, Auteur . - 2012 . - pp. 2228-2244. Management Langues : Anglais (eng) in Management science > Vol. 57 N° 12 (Décembre 2011) . - pp. 2228-2244 Mots-clés : Commodity  procurement  Commodity  markets  Marginal  convenience  yield  Multiechelon  inventory  management Résumé : We consider a firm that procures and distributes a commodity from spot and forward markets under randomly fluctuating prices; the commodity is distributed downstream to a set of nonhomogeneous retailers to satisfy random demand. We formulate a model that allows one to compute approximate, but near optimal, procurement and distribution policies for this system, and we explore the value of the commodity's market in providing managers with (a) additional flexibility in procurement and (b) information on price dynamics generated through the trading of futures contracts. Our results indicate that the presence of the commodity market and the information that it conveys may lead to significant reductions in inventory-related costs; however, to obtain these benefits, both the spot procurement flexibility and the term structure of prices generated by the commodity market must be incorporated in the formulation of the operating policy. Managerial insights on the procurement strategy as a function of variability in prices and demand are also discussed. DEWEY : 658 ISSN : 0025-1909 En ligne : http://mansci.journal.informs.org/content/57/12.toc