| Download | - View accepted manuscript: An Algorithm for Procurement in Supply Chain Management (PDF, 251 KiB)
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| Author | Search for: Buffett, Scott; Search for: Scott, N. |
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| Format | Text, Article |
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| Conference | Workshop on Trading Agent Design and Analysis (TADA'04), held inconjunction with the 3rd International Conference on Autonomous Agents and Multi-Agent Systems (AAMAS'04), July 20, 2004, New York, New York, USA |
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| Subject | supply-chain management; Markov decision process; dynamic programming; purchasing |
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| Abstract | We propose a technique for use in supply-chain management that assists the decision-making process for purchases of direct goods. Based on projections for future prices and demand, RFQs are constructed and quotes are accepted that optimize the level of inventory each day, while minimizing total cost. The problem is modeled as a Markov decision process (MDP), which allows for the computation of the utility of actions to be based on the utilities of consequential future states. Dynamic programming is then used to determine the optimal quote requests and accepts at each state in the MDP. We also discuss the implementation of our entry in the TAC-SCM game, NaRC, and demonstrate how the general technique presented can be specialized for use in our TAC-SCM agent. |
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| Publication date | 2004 |
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| In | |
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| Language | English |
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| NRC number | NRCC 47455 |
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| NPARC number | 5765022 |
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| Export citation | Export as RIS |
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| Report a correction | Report a correction (opens in a new tab) |
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| Record identifier | 3e4295e9-504c-4188-82dc-545dbafc9456 |
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| Record created | 2009-03-29 |
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| Record modified | 2021-01-05 |
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