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| Author: | Guimaraes, R. C. Kingsman, B. G. |
| Title: | A day-to-day buying policy for commodities - a study of purchasing maize. |
| Journal: | Journal of the Operational Research Society
1990 : JAN, VOL. 41:1, p. 25-37 |
| Index terms: | BUYING COMMODITIES FUTURES MARKETS MEASUREMENT PURCHASING TIME SERIES |
| Language: | eng |
| Abstract: | The majority of imported raw materials used by industry have to be purchased in markets where prices fluctuate over time. There are several components to the purchasing decision. The described work concentrates on the final stage, the tactical buying policy. A major problem in the commodity purchasing area has been the lack of formal procedures by which a buyer can evaluate his purchasing performance. A heuristic buying policy is proposed for the purchasing-before-a-deadline situation. The analysis has been applied to purchasing maize. A price-trend model is used as a forecaster future price movements. The policy leads to purchasing costs which are significantly lower than the average market price. |
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