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What is Managing Procurement Risk with Stochastic Programming about?

The document presents a portfolio approach to managing procurement risk through multi-stage stochastic programming, focusing on mitigating uncertainties in customer demand and price volatility. It proposes integrating various procurement methods such as long-term contracts, spot procurements, and option-based contracts to optimize profit while minimizing risk exposure. Numerical experiments demonstrate the effectiveness of this model, particularly in scenarios with significant variability in demand and pric

Author

1289922836

Language

EN