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Articles 1 - 14 of 14
Full-Text Articles in Business
Stochastic Capacity Investment And Flexible Vs. Dedicated Technology Choice In Imperfect Capital Markets, Onur Boyabatli, L. Bertil Toktay
Stochastic Capacity Investment And Flexible Vs. Dedicated Technology Choice In Imperfect Capital Markets, Onur Boyabatli, L. Bertil Toktay
Research Collection Lee Kong Chian School Of Business
This paper analyzes the impact of endogenous credit terms under capital market imperfections in a capacity investment setting. We model a monopolist firm that decides on its technology choice (flexible versus dedicated) and capacity level under demand uncertainty. Differing from the majority of the stochastic capacity investment literature, we assume that the firm is budget constrained and can relax its budget constraint by borrowing from a creditor. The creditor offers technology-specific loan contracts to the firm, after which the firm makes its technology choice and subsequent decisions. Capital market imperfections impose financing frictions on the firm. Our analysis contributes to …
Technical Note: Cellular Bucket Brigades, Yun Fong Lim
Technical Note: Cellular Bucket Brigades, Yun Fong Lim
Research Collection Lee Kong Chian School Of Business
Workers in a bucket brigade production system perform unproductive travel when they walk to get more work from their colleagues. We introduce a new design of bucket brigades to reduce unproductive travel. Under the new design, each worker works on one side of an aisle when he proceeds in one direction and works on the other side when he proceeds in the reverse direction. We propose simple rules for workers to share work under the new design and find a sufficient condition for the system to self-balance. Numerical examples suggest that the improvement in throughput by the new design can …
Integrating Long-Term And Short-Term Contracting In Beef Supply Chains, Onur Boyabatli, Paul R. Kleindorfer, Stephen R. Koontz
Integrating Long-Term And Short-Term Contracting In Beef Supply Chains, Onur Boyabatli, Paul R. Kleindorfer, Stephen R. Koontz
Research Collection Lee Kong Chian School Of Business
This paper analyzes the optimal procurement, processing, and production decisions of a meat-processing company (hereafter, a "packer") in a beef supply chain. The packer processes fed cattle to produce two beef products, program (premium) boxed beef and commodity boxed beef, in fixed proportions, but with downward substitution of the premium product for the commodity product. The packer can source input (fed cattle) from a contract market, where long-term contracts are signed in advance of the required delivery time, and from a spot market on the spot day. Contract prices are taken to be of a general window form, linear in …
Integrated Risk Management: A Conceptual Framework With Research Overview And Applications In Practice, Panos Kouvelis, Lingxiu Dong, Onur Boyabatli, Rong Li
Integrated Risk Management: A Conceptual Framework With Research Overview And Applications In Practice, Panos Kouvelis, Lingxiu Dong, Onur Boyabatli, Rong Li
Research Collection Lee Kong Chian School Of Business
This chapter presents an action‐based supply chain risk management framework that has emerged from industry practice and academic research. For practitioners, this conceptual framework can serve as a guideline to devise risk management strategies that suit their specific supply chain environments. For academicians, one can map the research in the growing field of integrated risk management research within the context of this framework, and identify potentially fruitful directions for future research. The framework of supply chain risk management proposes a two‐stage action plan: a planning stage and an execution stage. Risk mitigation strategy has been the main focus of the …
Optimal Investment Under Operational Flexibility, Risk Aversion, And Uncertainty, Michail Chronopoulos, Bert De Reyck, Afzal Siddiqui
Optimal Investment Under Operational Flexibility, Risk Aversion, And Uncertainty, Michail Chronopoulos, Bert De Reyck, Afzal Siddiqui
Research Collection Lee Kong Chian School Of Business
Traditional real options analysis addresses the problem of investment under uncertainty assuming a risk-neutral decision maker and complete markets. In reality, however, decision makers are often risk averse and markets are incomplete. We confirm that risk aversion lowers the probability of investment and demonstrate how this effect can be mitigated by incorporating operational flexibility in the form of embedded suspension and resumption options. Although such options facilitate investment, we find that the likelihood of investing is still lower compared to the risk-neutral case. Risk aversion also increases the likelihood that the project will be abandoned, although this effect is less …
Maritime Trade Evolutions And Port City Developments In Asia, X. J. Yang, Joyce M. W. Low, Loon Ching Tang
Maritime Trade Evolutions And Port City Developments In Asia, X. J. Yang, Joyce M. W. Low, Loon Ching Tang
Research Collection Lee Kong Chian School Of Business
Historically, almost all goods transported worldwide have been carried by sea with the current estimate stands at approximately 90 percent by volume and 70 percent by worth. Maritime industry is an important economic sector as it has a direct impact on the prosperity of a region and/or city. This chapter presents a review on maritime trade evolution in Asia from the thirteenth centuries to the post-World War II, followed by an examination on the contemporary development of some major Asia ports. From the extant port literature, a list of factors affecting port competition and development is identified and reviewed. The …
Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo
Valuation Of Risky Projects And Other Illiquid Investments Using Portfolio Selection Models, Janne Gustafsson, Bert De Reyck, Zeger Degraeve, Ahti Salo
Research Collection Lee Kong Chian School Of Business
We develop a portfolio selection framework for the valuation of projects and other illiquid investments for an investor who can invest in a portfolio of private, illiquid investment opportunities as well as in securities in financial markets, but who cannot necessarily replicate project cash flows using financial instruments. We demonstrate how project values can be solved using an inverse optimization procedure and prove several general analytical properties for project values. We also provide an illustrative example on the modeling and pricing of multiperiod projects that are characterized by managerial flexibility.
Mixed 0-1 Linear Programs Under Objective Uncertainty: A Completely Positive Representation, Karthik Natarajan, Chung-Piaw Teo, Zhichao Zheng
Mixed 0-1 Linear Programs Under Objective Uncertainty: A Completely Positive Representation, Karthik Natarajan, Chung-Piaw Teo, Zhichao Zheng
Research Collection Lee Kong Chian School Of Business
In this paper, we analyze mixed 0-1 linear programs under objective uncertainty. The mean vector and the second moment matrix of the nonnegative objective coefficients is assumed to be known, but the exact form of the distribution is unknown. Our main result shows that computing a tight upper bound on the expected value of a mixed 0-1 linear program in maximization form with random objective is a completely positive program. This naturally leads to semidefinite programming relaxations that are solvable in polynomial time but provide weaker bounds. The result can be extended to deal with uncertainty in the moments and …
Technical Appendix To "Stochastic Capacity Investment And Flexible Vs. Dedicated Technology Choice In Imperfect Capital Markets", Onur Boyabatli
Technical Appendix To "Stochastic Capacity Investment And Flexible Vs. Dedicated Technology Choice In Imperfect Capital Markets", Onur Boyabatli
Research Collection Lee Kong Chian School Of Business
Technical appendix with proofs for the technical statements in the article: Stochastic capacity investment and flexible vs. dedicated technology choice in imperfect capital markets. (2011). Management Science, 57 (12), 2163 - 2179. https://doi.org/10.1287/mnsc.1110.1395
Technical Appendix To "Integrating Long-Term And Short-Term Contracting In Beef Supply Chains", Onur Boyabatli, Paul R. Kleindorfer, Stephen R. Koontz
Technical Appendix To "Integrating Long-Term And Short-Term Contracting In Beef Supply Chains", Onur Boyabatli, Paul R. Kleindorfer, Stephen R. Koontz
Research Collection Lee Kong Chian School Of Business
Technical appendix with proofs for propositions in the article: Integrating long-term and short-term contracting in beef supply chains. (2011). Management Science, 57 (10), 1771-1787. https://doi.org/10.1287/mnsc.1110.1362
Understanding Port Choice Behaviour: A Network Perspective, Loon Ching Tang, Joyce M. W. Low, Shao Wei Lam
Understanding Port Choice Behaviour: A Network Perspective, Loon Ching Tang, Joyce M. W. Low, Shao Wei Lam
Research Collection Lee Kong Chian School Of Business
A novel Network-based Integrated Choice Evaluation (NICE) model is developed to enhance the multinomial logit preference (MNL) model that is widely employed in the existing port choice literature. The NICE model integrates the element of port service network with observational port attributes to identify important quality characteristics on which liner shipping companies base their port choices. An empirical study of the proposed model is conducted through the service schedules of three established liner shipping companies. Results show that port efficiency and scale economies are the more important dimensions influencing liner shipping companies’ selection of major Asian ports. Nevertheless, it is …
A Petri Net-Based Approach To Reconfigurable Manufacturing Systems Modeling, Y. Geng, A. Lim, H. Ma, Brian Rodrigues
A Petri Net-Based Approach To Reconfigurable Manufacturing Systems Modeling, Y. Geng, A. Lim, H. Ma, Brian Rodrigues
Research Collection Lee Kong Chian School Of Business
Reconfigurable manufacturing systems (RMSs) have been used to provide manufacturing companies with the required capacities and capabilities, when needed. Recognizing (1) the importance of dynamic modeling and visualization in decision making support in RMSs and (2) the limitations of the existing studies, we model RMSs based on Petri net (PN) techniques with focus on the process of reconfiguring system elements while considering constraints and system performance. In response to the modeling difficulties identified, a new formalism of colored timed PNs is introduced. In conjunction with colored tokens and timing in colored PNs and timed PNs, we further define a reconfiguration …
Procurement Risk Management In Beef Supply Chains, Onur Boyabatli, Paul R. Kleindorfer, Steve R. Koontz
Procurement Risk Management In Beef Supply Chains, Onur Boyabatli, Paul R. Kleindorfer, Steve R. Koontz
Research Collection Lee Kong Chian School Of Business
This chapter develops the theoretical model and provides the optimal solution for the procurement portfolio of the packer. It describes the computational results for the above model based on data for the U.S. beef industry described in the GIPSA Report, and complemented by industry demand and supply studies. The chapter determines the impact on the optimal procurement portfolio of spot price and demand uncertainty, the degree of substitution between products in final markets, as well as the cost characteristics of the packer and the nature of quality and cost differences in the contract and spot markets. It provides insights about …
Consolidating Or Non-Consolidating Queues: A Game Theoretic Queuing Model With Holding Costs, Kwan Eng Wee, Ananth Iyer
Consolidating Or Non-Consolidating Queues: A Game Theoretic Queuing Model With Holding Costs, Kwan Eng Wee, Ananth Iyer
Research Collection Lee Kong Chian School Of Business
We consider a two-server queueing system in which the servers choose their service rate based on the demand and holding cost allocation scheme offered by the demand generating entity. We provide an optimal holding cost allocation scheme that leads to the maximum possible service rate for each of a pooled and a split system. Our results suggest that careful allocation of holding costs can create incentives that enable minimum turnaround times using a common queue.