Vendor Managed Inventory: A new approach to supply chain management
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The Global Supply Chain Forum (Stanford Global Supply Chain Forum Web Resource, http://www.stanford.edu/groups/scforum) defines supply chain management (SCM) as â Supply chain management is the integration of key business processes from end user through original suppliers that provides products, services and information that add value for customer and other stakeholdersâ . The rapid development of the Internet has dramatically changed the traditional definitions of manufacturer, suppliers and customers. Newer approaches to supply chain management attempt to organize the supply chain as a network of cooperating intelligent agents, each performing one or more supply chain functions and each coordinating actions with one another. This research is aimed at creating a viable model of a single manufacturer single supplier collaborative supply chain system using a Vendor Managed Inventory (VMI) system. The research further uses known inventory performance parameters to performance benchmark the VMI system with traditional push-pull systems, develop a collaborative forecasting spreadsheet solution and a best alternative ordering policy amongst EOQ, Monthly, JIT and VMI policies under known lead time and a variety of demand distribution functions.
- Masters Theses