Procurement Risk Management of Engineering Materials Based on Uncertain Rising Prices

Hui Chen

doi:10.4028/www.scientific.net/AMM.174-177.3219

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HomeApplied Mechanics and MaterialsApplied Mechanics and Materials Vols. 174-177Procurement Risk Management of Engineering...

Procurement Risk Management of Engineering Materials Based on Uncertain Rising Prices

Abstract:

Practical risk purchasing management method of engineering materials is put forward by using Monte Carlo Simulation. First, the calculation method of economic order quantity is put forward based on rising price. Second, appropriate insurance inventory is calculated when material requirements is variable.

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Periodical:

Applied Mechanics and Materials (Volumes 174-177)

Pages:

3219-3222

DOI:

https://doi.org/10.4028/www.scientific.net/AMM.174-177.3219

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Online since:

May 2012

Authors:

Hui Chen

Keywords:

Economic Order Quantity, Monte-Carlo Method (MC-Method), Risk Management (RM)

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References

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