By Rolf Hellermann
Arguably the valuable challenge in Operations study and administration S- ence (OR/MS) addressed through e-business is healthier coordination of offer and insist, together with rate discovery and aid of transaction bills of buyer-seller interactions. In capital-intensive industries like air shipment, the out-of-pocket expenditures of extra capability and the chance charges of underu- lized skill were very important components using the expansion of exchanges for bettering call for and provide coordination via e-business pl- varieties. Hellermann addresses in his dissertation probably the most fascinating - pects of this evolution for OR/MS, the parallel improvement of long term and temporary markets for means and output, observed by means of various choice and ?xed-commitment (i. e. , ahead) contracts because the uncomplicated mec- nisms assisting transactions. This has been a desirable subject for OR/MS examine since it builds at the robust framework of actual suggestions, whereas connecting on to key operations judgements (capacity making plans, community layout, staf?ng, routing, upkeep, and so on) of the apparatus and applied sciences whose output is the point of interest of contracts. From the viewpoint of perform, the built-in use of those Internet-based contracting mechanisms, as facilitated through new B2B exchanges, represents a chance for additional enhancing offer chain functionality and capital asset productiveness. As Hellermann notes, a primary characteristic of B2B for capital-intensive - dustries is that contracting must ensue good prior to genuine delivery.
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Extra resources for Capacity Options for Revenue Management: Theory and Applications in the Air Cargo Industry
24 3 Literature Review c w(Q) p c Manufacturer ˜ D w(Q) Q Q s Retailer s p ˜) min( Q, D Q ˜ D Production cost Wholesale payment Retail price Market demand Retailer’s order/ manufacturer’s shipment Salvage value Funds Material Information Source: adapted from Tsay et al. (1999, p. 304) Fig. 1. 2 Supply Contracts The supply chain management (SCM) literature treats environments in which multiple decision makers interact with each other for ordering and delivering a product. A typical example is the relationship between a manufacturer and a retailer.
All prices and cost parameters are know with certainty. The vendor purchases the product at the unit purchase price w from its supplier and sells it at the unit selling price p to its customers. Every unsold item has a salvage value of s. It is assumed that p > w > s ≥ 0. The vendor thus incurs a cost for every unit that is unsold at the end of the period, namely w − s. This cost is called the overage cost co . If the vendor has ordered too few items, he incurs a shortage cost, in this case the opportunity cost of p − w for every unit of unsatisﬁed demand.
2 Supply Contracts 29 compared to the standard model’s pricing scheme with a single wholesale price while both manufacturer and retailer earn higher expected proﬁts. The model in Chap. 4 is based on the formulation by Rudi and Pyke (2000). The decisive technical difference to their model is the determination of the optimal tariff which is absent in Rudi and Pyke (2000) because the authors assume exogenous demand. Furthermore, going beyond Rudi and Pyke (2000), the model formulation in Chap. 4 includes multiple sources of uncertainty and an alternative market.
Capacity Options for Revenue Management: Theory and Applications in the Air Cargo Industry by Rolf Hellermann