Paper Information

Journal:   PRODUCTION AND OPERATIONS MANAGEMENT   FALL 2015-WINTER 2016 , Volume 6 , Number 2 (11) #E0037; Page(s) 1 To 20.
 
Paper: 

STUDY EFFECT OF THE TIME VALUE OF MONEY IN SUPPLY CHAIN UNDER VENDOR MANAGED INVENTORY PROGRAM

 
 
Author(s): 
 
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Abstract: 

Vendor managed inventory (VMI) is a program that has been recognized as one of the most successful practices that enhances supply chain improvement, integration and simplification. Effect of the time value of money on analytical VMI models has not been investigated in any previous studies. So in this paper, two echelon single-manufacture multi-retailer supply chain models under VMI program with and without considering the time value of money were extended. Using statistical hypothesis testing was inferred that the error due to ignoring the time value of money in this problem is significant. This demonstrates the importance of the time value of money in the determination of replenishment optimal policy under VMI system.

 
Keyword(s): SUPPLY CHAIN, VENDOR MANAGED INVENTORY, TIME VALUE OF MONEY, STATISTICAL HYPOTHESIS TESTING
 
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