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Supply Chain Management, Homework 2: Risk pooling game

Risk pooling is an important concept in supply chain management. Risk pooling suggests that if we can aggregates demand across locations, demand variability will reduce. Because we aggregate demand across different locations, it becomes a result more likely that high demand from one customer will be offset by low demand customer. This reduction in variability allows a decrease in safety stock and therefore reduces average inventory. The Risk Pool Game (Scenarios): Initial value: (Do not need to change any value in the system.)

Supply Chain Management, Homework 2: Risk pooling game

Parameter definition: (Values need to be typed in.) Demand mean: 50 Demand variance: high (15), medium (10), low (5) Demand correlation: very strong positive, neutral, very strong negative Inventory policy: safety stock

Supply Chain Management, Homework 2: Risk pooling game

Because we have three type of demand correlation, and three type of the demand variance. So, there are nine scenarios showed as follow:

Question 1: Please use default parameters (variance: 10, correlation: neutral) to run the system for 50 periods. Compare revenue, profit and fillrate between the centralized system and the decentralized system. Does the centralized system perform better than the decentralized? Qusetion 2: Please execute the nine scenarios and make plots and explanation in each round with 50 periods. Try to explain, if there are, the relationship of orders, demands, holding cost, profit and fillrate by using figures. Question 3: What is the definition of fillrate? Why is the fillrate over 100% sometimes? What is the relationship between fillrate and profit? Question 4: Please use default parameters (variance: 10, correlation: neutral) to play the game while you can change the order quantity and amount distribution in the centralized and the decentralized systems by yourselves. Can you get any insights or improvement for the two systems?

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