Journal
INTERNATIONAL JOURNAL OF PRODUCTION RESEARCH
Volume 48, Issue 24, Pages 7303-7320Publisher
TAYLOR & FRANCIS LTD
DOI: 10.1080/00207540903436687
Keywords
supply contracts; supplier selection; mixed-integer programming; optimisation models
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Selection of supply contracts is a critical decision faced by manufacturing firms in a variety of industries. Manufacturing firms often have the option of selecting from several types of supply contracts that include long-term, medium-term, and short-term contracts. While extant literature has stressed the importance of such contracts, few methodologies have been proposed for optimally selecting contracts under various business conditions. To this end, this paper proposes a methodology for optimal contract selection based on a mixed-integer programming approach. We present specific insights to manufacturing managers on choosing the right contracts in the presence of market price uncertainty, supplier discounts, investment costs, and supplier capacity restrictions.
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