Note. An Acquisition Policy for a Single Item Multi-Supplier System

Meir J. Rosenblatt, Yale T. Herer and Ilan Hefter
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Meir J. Rosenblatt: Faculty of Industrial Engineering and Management, Technion---Israel Institute of Technology, Haifa 32000, Israel; Additional address for Rosenblatt: John M. Olin School of Business, Washington University, St. Louis, Missouri 63130
Yale T. Herer: Faculty of Industrial Engineering and Management, Technion---Israel Institute of Technology, Haifa 32000, Israel
Ilan Hefter: Faculty of Industrial Engineering and Management, Technion---Israel Institute of Technology, Haifa 32000, Israel

Management Science, 1998, vol. 44, issue 11-Part-2, S96-S100

Abstract: In this paper we consider the problem of developing an acquisition policy. Specifically, given a set of potential (qualified) suppliers, from whom should the firm buy the product, in what quantities, and how often? We provide properties of the optimal solution and relate them to the approach of using a single source as advocated by JIT. The solution procedure provides the periodic order quantity from each supplier; the order size; and the firm cycle time as well as how many times per cycle we should order from each supplier. We show that the maximum error of our solution can be made as small as desired.

Keywords: Acquisition Policy; EOQ; Single-item; Multi-supplier System (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (21)

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