A model for evaluating vendor bids for stock replenishment of an item.
modelforevaluati00gray.pdf (3.876Mb)Abstract
The Ships Parts Control Center (SPCC) Uniform Inventory
Control Program (UICP) wholesale replenishment model for 1H
cognizance symbol (consumable) material is an order quantityreorder
level or (Q,r) model. A stocked item's order quantity
and reorder level are established in large part by the unit
price and procurement lead time forecasted for it. When a
replenishment is needed, the order quantity is specified and
the procurement officer requests bids from vendors. These bids include both a unit price and an estimate of production
lead time. The thesis examines the impact of differences
between the forecasted and actual values for lead time apd
price on the optimum total annual cost of stocking the item as
computed by the UICP model. A modification of the model for
comparison of the total annual cost associated with the lead
time and price combination of each vendor bid is developed.
Some expected effects of implementing the model are discussed
and areas requiring further research are identified.
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