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1、1Operations ManagementOperations Management8-1Supply Chain CoordinationSupply Chain Coordination Chapter 8Chapter 8OutlineOutline supply chain optimal quantity supply chain critical ratio Buy-back contract / return policy8-2 Individual optimum versus supply chain optimum Observations on buy-back con
2、tract Other practice on supply chain coordinationSunglass Case scenarioSunglass Case scenarioZamatia Ltd. Is an Italian upscale maker of eyewear available at boutique store in trendy locations. UV Inc. is one of their retailers located in Miami Beach, Florida, USA. Zamatia manufactures its sunglasse
3、s in Europe and in Asia so the replenishment lead time to the United8-3and in Asia, so the replenishment lead time to the United States is long. Furthermore, the selling season for sunglasses is short and style change significantly from year to year. As a result, UV receives only one delivery of Zam
4、atia glasses before each season. As with any fashion product, some styles sell out quickly while others are left over at the end of the season.Sunglass Case scenarioSunglass Case scenarioConsider Zamatias “entry level” sunglass for the coming season, the Bassano, UV purchases each one of those sungl
5、asses from Zamatia for $75 and retails them for $115. Zamatias production and shipping costs per sunglass is $35 At the end of season UV generally needs8-4sunglass is $35. At the end of season UV generally needs to offer deep discounts to sell remaining inventory; UV estimates that it will only be a
6、ble to fetch $25 per left over Bassano at the Miami Beach store. UVs Miami Beach store believes this seasons demand for the Bassano can be represented by a Normal distribution with a mean of 250 and a standard deviation of 125.Sunglass Case scenarioSunglass Case scenarioUVs precurement quantity deci
7、sion can be made with the use of the Newsvendor model. Let Q be UVs order quantity. UVs underage cost per unit is Cu=$115-$75=$40, UVs overage cost per unit is Co=$75-$25=$50; the consequence of left over inventory is substantial UVs8-5consequence of left over inventory is substantial. UV s critical
8、 ratio is CuCo+ Cu=4050+40= 0.4444According to Normal distribution table,Q=+Z=250-0.13*125=234Performance MeasuresPerformance MeasuresExpected sales+ Expected lost sales = Expected demand()Expected lost sales =*L(z)8-6Expected sales+ Expected left over inventory = QExpected profit=(price-cost)* Expe
9、cted sales- (cost-salvage value)* Expected left over inventory 2UVUV s Order Quantity, Q, and Performance s Order Quantity, Q, and Performance Measures for Several Wholesale PriceMeasures for Several Wholesale PriceWholesale price$35 $65 $75 $85 Cu$80 $50 $40 $30 Co$10 $40 $50 $60 Critical ratio0.88
10、890.55560.44440.33338-7Z1.230.14-0.13-0.43Q404268234196Expected sales 243209192169Expected left over inventory161594227Expected profitsUV$17,830 $8,090 $5,580 $3,450 Zamatia$0 $8,040 $9,360 $9,800 Supply chain$17,830 $16,130 $14,940 $13,250 We Can Learn From Previous Slide: We Can Learn From Previou
11、s Slide: Even if every firm in a supply chain chooses actions to maximize its own expected profit, the total profit earned in the supply chain may by less than the entire supply chains maximum profit.8-8Why is that and boost the profit of whole SC?BuyBuy- -Back Contract Back Contract If Zamatia prom
12、ise to fully refund the leftover that UV cannot sell before the season, this is called buy-back, or Zamatia is practising a return policy.Suppose Zamatia guarantee a full refund of $75 per 8-9ppg$p sunglass, and UV will ship back the leftover to Zamatia for $1.5 per sunglass on its own expense. Zama
13、tia will resell these leftover on other market and earn $26.5 each. The buy-back contract introduce new costs to the supply chain.BuyBuy- -Back Contract Back Contract For UVs new order quantity. UVs underage cost per unit remain unchanged, Cu=$115-$75=$40, UVs overage cost per unit is changed a bit,
14、 Co= $1.5; UVs buy-back critical ratio is: 8-10CuCo+ Cu=401.5+40= 0.9639According to Normal distribution table,Q=+Z=250+1.8*125=475UVUV s Order Quantity, Q, and Performance s Order Quantity, Q, and Performance under a Buyunder a Buy- -Back ContractBack ContractWholesale price$75 $75 $75 $85 Buy-back
15、 price$55 $65 $75 $75 Cu$40 $40 $40 $30 Co$21.50 $11.50 $1.50 $11.50 Critical ratio0.65040.77760.96390.72298-11Z0.390.771.80.6Q299346475325Expected sales 221234248229Expected left over inventory7811222796Expected profitUV$7,163 $8,072 $9,580 $5,766 Zamatia$9,737 $9,528 $7,991 $11,594 Supply chain$16
16、,900 $17,600 $17,570 $17,360 BuyBuy- -Back Price CalculationBack Price CalculationRefund policy improve the whole supply chain profit by luring retailer to order maximizing quantity. This can be achieved if the retailers critical ratio equals the supply chains critical ratio, because it is the critical ratio determines the optimal order quantity8-12determines the optimal order quantity.Buy-back price = shipping
