Supplier Management : Using Monte Carlo Simulation to Estimate a Tire Store's Reordering Frequency and Vendor Lead Time / Craig Seidelson.

Format:

Book

Author/Creator:

Seidelson, Craig, author.

Language:

English

Subjects (All):

Industrial management.

Supply chain management.

Physical Description:

1 online resource

Other Title:

Supplier Management

Place of Publication:

Los Angeles, California : SAGE Publications, Inc, 2024.

Summary:

In this data challenge, students are introduced to a car tire wholesale business. The information provided includes details about tire lead times, which students determine based on vendor purchase order and delivery dates. At the start of this work, students should be familiar with the concepts of probability distribution, frequency distribution, reorder point calculation, and Monte Carlo simulation as well as the use of the =VLOOKUP function in Excel. Alternatively, these methodologies can be taught using the information provided. During the course of this data challenge students calculate probability of occurrence and create a cumulative frequency distribution. In the second phase of their work, students construct a Monte Carlo simulation to estimate the most likely vendor lead time and use it to calculate optimum inventory reorder point.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

1-0719-6998-6

9781071969984

OCLC:

1463981036