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Author: | Fry, M. J. Kapuscinski, R. Olsen, T. L. |
Title: | Coordinating Production and Delivery Under a (z, Z)- Type Vendor-Managed Inventory Contract |
Journal: | Manufacturing & service operations management
2001 : SPRING VOL. 3:2, p. 151-173 |
Index terms: | PRODUCTION INVENTORIES CONTRACTS |
Language: | eng |
Abstract: | This paper models a type of vendor-managed inventory (VMI) agreement that occurs in practice called a (z, Z) contract. The authors investigate the savings due to better coordination of production and delivery facilitated by such an agreement. The optimal behavior of both the supplier and the retailer are characterized. The optimal replenishment and production policies for a supplier are found to be up-to policies, which are shown to be easily computed by decoupling the periods when the supplier outsources from those when the supplier does not outsource. A simple application of the newsvendor relation is used to define the retailer's optimal policy. |
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