1) Review Chapter 6 “Designing Global Supply Chain Networks” power point slides for you will have to write up what you learned from this chapter. PLEASE EXEMPLIFY HIGH LEVEL ANALYSIS WITH YOUR WRITING (i.e. 3 Paragraphs Minimum)
2) Link for Ted Talk: This will be part of you participation points: (i.e. 3 Paragraphs Minimum): Modern-day slavery in supply chains: Dan Viederman | TEDxBerkeley
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Supply Chain Management: Strategy, Planning, and Operation
Seventh Edition
Chapter 6
Designing Global Supply Chain Networks
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1
Learning Objectives
6.1 Identify factors that need to be included in total cost when making global sourcing decisions.
6.2 Define relevant risks and explain different strategies that may be used to mitigate risk in global supply chains.
6.3 Understand decision tree methodologies used to evaluate supply chain design decisions under uncertainty.
6.4 Use decision tree methodologies to value flexibility and make onshoring/offshoring decisions under uncertainty.
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Impact of Globalization on Supply Chain Networks (1 of 2)
Opportunities to simultaneously increase revenues and decrease costs
Accompanied by significant additional risk and uncertainty
Difference between success and failure often the ability to incorporate suitable risk mitigation into supply chain design
Uncertainty of demand and price drives the value of building flexible production capacity
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Impact of Globalization on Supply Chain Networks (2 of 2)
Table 6-1 Results of Accenture Survey on Sources of Risk That Affect Global Supply Chain Performance
Risk Factors Percentage of Supply Chains Affected
Natural disasters 35
Shortage of skilled resources 24
Geopolitical uncertainty 20
Terrorist infiltration of cargo 13
Volatility of fuel prices 37
Currency fluctuation 29
Port operations/custom delays 23
Customer/consumer preference shifts 23
Performance of supply chain partners 38
Logistics capacity/complexity 33
Forecasting/planning accuracy 30
Supplier planning/communication issues 27
Inflexible supply chain technology 21
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Importance of Total Cost (1 of 4)
Comparative advantage in global supply chains
Quantify the benefits of offshore production along with the reasons
Two reasons offshoring fails
Focusing exclusively on unit cost rather than total cost
Ignoring critical risk factors
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The Offshoring Decision: Total Cost
A global supply chain with offshoring increases the length and duration of information, product, and cash flows
The complexity and cost of managing the supply chain can be significantly higher than anticipated
Quantify factors and track them over time
Big challenges with offshoring is increased risk and its potential impact on cost
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Importance of Total Cost (2 of 4)
Table 6-2 Dimensions to Consider When Evaluating Total Cost from Offshoring
Performance Dimension Activity Affecting Performance Impact of Offshoring
Order communication Order placement More difficult communication
Supply chain visibility Scheduling and expediting Poorer visibility
Raw material costs Sourcing of raw material Could go either way depending on raw material sourcing
Unit cost Production, quality (production and transportation) Labor/fixed costs decrease; quality may suffer
Freight costs Transportation modes and quantity Higher freight costs
Taxes and tariffs Border crossing Could go either way
Supply lead time Order communication, supplier production scheduling, production time, customs, transportation, receiving Lead time increase results in poorer forecasts and higher inventories
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Importance of Total Cost (3 of 4)
Table 6-2 [Continued]
Performance Dimension Activity Affecting Performance Impact of Offshoring
On-time delivery/lead time uncertainty Production, quality, customs, transportation, receiving Poorer on-time delivery and increased uncertainty resulting in higher inventory and lower product availability
Minimum order quantity Production, transportation Larger minimum quantities increase inventory
Product returns Quality Increased returns likely
Inventories Lead times, inventory in transit and production Increase
Working capital Inventories and financial reconciliation Increase
Hidden costs Order communication, invoicing errors, managing exchange rate risk Higher hidden costs
Stockouts Ordering, production, transportation with poorer visibility Increase
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Importance of Total Cost (4 of 4)
Key elements of total cost
Supplier price
Terms
Delivery costs
Inventory and warehousing
Cost of quality
Customer duties, value added-taxes, local tax incentives
Cost of risk, procurement staff, broker fees, infrastructure, and tooling and mold costs
Exchange rate trends and their impact on cost
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Summary of Learning Objective 1
It is critical that global sourcing decisions be made while accounting for total cost. Besides unit cost, total cost should include the impact of global sourcing on freight, inventories, lead time, quality, on-time delivery, minimum order quantity, working capital, and stock- outs. Other factors to be considered include the impact on supply chain visibility, order communication, invoicing errors, and the need for currency hedging. Offshoring typically lowers labor and fixed costs but increases risk, freight costs, and working capital.
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Risk Management in Global Supply Chains (1 of 6)
Risks include supply disruption, supply delays, demand fluctuations, price fluctuations, and exchange-rate fluctuations
Critical for global supply chains to be aware of the relevant risk factors and build in suitable mitigation strategies
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Risk Management in Global Supply Chains (2 of 6)
Table 6-3 Supply Chain Risks to Be Considered During Network Design
Category Risk Drivers
Disruptions Natural disaster, war, terrorism Labor disputes
Supplier bankruptcy
Delays High capacity utilization at supply source Inflexibility of supply source Poor quality or yield at supply source
Systems risk Information infrastructure breakdown System integration or extent of systems being networked
Forecast risk Inaccurate forecasts due to long lead times, seasonality, product variety, short life cycles, small customer base Information distortion
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Risk Management in Global Supply Chains (3 of 6)
Table 6-3 [Continued]
Category Risk Drivers
Intellectual property risk Vertical integration of supply chain Global outsourcing and markets
Procurement risk Exchange-rate risk Price of inputs Fraction purchased from a single source Industry-wide capacity utilization
Receivables risk Number of customers Financial strength of customers
Inventory risk Rate of product obsolescence Inventory holding cost Product value Demand and supply uncertainty
Capacity risk Cost of capacity Capacity flexibility
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Risk Management in Global Supply Chains (4 of 6)
Good network design can play a significant role in mitigating supply chain risk
Every mitigation strategy comes at a price and may increase other risks
Global supply chains should generally use a combination of rigorously evaluated mitigation strategies along with financial strategies to hedge uncovered risks
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Risk Management in Global Supply Chains (5 of 6)
Table 6-4 Tailored Risk Mitigation Strategies During Network Design
Risk Mitigation Strategy Tailored Strategies
Increase capacity Focus on low-cost, decentralized capacity for predictable demand. Build centralized capacity for unpredictable demand. Increase decentralization as cost of capacity drops.
Get redundant suppliers More redundant supply for high-volume products, less redundancy for low-volume products. Centralize redundancy for low-volume products in a few flexible suppliers.
Increase responsiveness Favor cost over responsiveness for commodity products. Favor responsiveness over cost for short–life cycle products.
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Risk Management in Global Supply Chains (6 of 6)
Table 6-4 [Continued]
Risk Mitigation Strategy Tailored Strategies
Increase inventory Decentralize inventory of predictable, lower value products. Centralize inventory of less predictable, higher value products.
Increase flexibility Favor cost over flexibility for predictable, high-volume products. Favor flexibility for unpredictable, low-volume products. Centralize flexibility in a few locations if it is expensive.
Pool or aggregate demand Increase aggregation as unpredictability grows.
Increase source capability Prefer capability over cost for high-value, high-risk products. Favor cost over capability for low-value commodity products. Centralize high capability in flexible source if possible.
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Flexibility, Chaining, and Containment (1 of 3)
Three broad categories of flexibility
New product flexibility
Ability to introduce new products into the market at a rapid rate
Mix flexibility
Ability to produce a variety of products within a short period of time
Volume flexibility
Ability to operate profitably at different levels of output
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Flexibility, Chaining, and Containment (2 of 3)
Figure 6-1 Different Flexibility Configurations in Network
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Flexibility, Chaining, and Containment (3 of 3)
As flexibility is increased, the marginal benefit derived from the increased flexibility decreases
With demand uncertainty, longer chains pool available capacity
Long chains may have higher fixed cost than multiple smaller chains
Coordination more difficult across with a single long chain
Flexibility and chaining are effective when dealing with demand fluctuation but less effective when dealing with supply disruption
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Summary of Learning Objective 2
The performance of a global supply chain is affected by risk and uncertainty in a number of input factors such as supply, demand, price, exchange rates, and other economic factors. These risks can be mitigated by building suitable flexibility in the supply chain network. Operational strategies that help mitigate risk in global supply chains include carrying excess capacity and inventory, flexible capacity, redundant suppliers, improved responsiveness, and aggregation of demand. Hedging fuel costs and currencies are financial strategies that can help mitigate risk. It is important to keep in mind that no risk mitigation strategy will always pay off. These mitigation strategies are designed to guard against certain extreme states of the world that may arise in an uncertain global environment.
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Using Decision Trees (1 of 2)
Several different decisions
Should the firm sign a long-term contract for warehousing space or get space from the spot market as needed?
What should the firm’s mix of long-term and spot market be in the portfolio of transportation capacity?
How much capacity should various facilities have? What fraction of this capacity should be flexible?
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Using Decision Trees (2 of 2)
Executives need a methodology that allows them to estimate global currency instability, unpredictable commodities costs, uncertainty about customer demand, political or social unrest in key markets, and potential changes in government regulations the uncertainty in demand and price forecast
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Discounted Cash Flows
Supply chain decisions should be evaluated as a sequence of cash flows over time
Discounted cash flow (D C F) analysis evaluates the present value of any stream of future cash flows and allows managers to compare different cash flow streams in terms of their financial value
Based on the time value of money – a dollar today is worth more than a dollar tomorrow
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Discounted Cash Flow Analysis
Where
C0, C1,…,CT is stream of cash flows over T periods
N P V = net present value of this stream
K = rate of return
Compare N P V of different supply chain design options
The option with the highest N P V will provide the greatest financial return
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Trips Logistics Example (1 of 3)
Demand = 100,000 units
1,000 sq. ft. of space for every 1,000 units of demand
Revenue = $1.22 per unit of demand
Sign a three-year lease or obtain warehousing space on the spot market?
Three-year lease cost = $1 per sq. ft.
Spot market cost = $1.20 per sq. ft.
k = 0.1
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Trips Logistics Example (2 of 3)
Expected annual profit if Warehousing space is obtained = (100,000 × $1.22)
− (100,000 × $1.20)
from spot market = $2,000
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Trips Logistics Example (3 of 3)
Expected annual profit with Three year lease = (100,000 × $1.22)
− (100,000 × $1.00)
Blank = $22,000
N P V of signing lease is $60,182 − $5,471 = $54,711 higher than spot market
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Basics of Decision Tree Analysis
A decision tree is a graphic device used to evaluate decisions under uncertainty
Identify the number and duration of time periods that will be considered (T)
Identify factors that will affect the value of the decision and are likely to fluctuate over the next T periods
Evaluate decision using a decision tree
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Decision Tree Methodology
Identify the duration of each period (month, quarter, etc.) and the number of periods T over which the decision is to be evaluated
Identify factors whose fluctuation will be considered
Identify representations of uncertainty for each factor
Identify the periodic discount rate k for each period
Represent the decision tree with defined states in each period as well as the transition probabilities between states in successive periods
Starting at period T, work back to Period 0, identifying the optimal decision and the expected cash flows at each step
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Decision Tree – Trips Logistics (1 of 3)
Three warehouse lease options
Get all warehousing space from the spot market as needed
Sign a three-year lease for a fixed amount of warehouse space and get additional requirements from the spot market
Sign a flexible lease with a minimum charge that allows variable usage of warehouse space up to a limit, with additional requirement from the spot market
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Decision Tree – Trips Logistics (2 of 3)
1000 sq. ft. of warehouse space needed for 1000 units of demand
Current demand = 100,000 units per year
Binomial uncertainty: Demand can go up by 20% with
p = 0.5 or down by 20% with 1 − p = 0.5
Lease price = $1.00 per sq. ft. per year
Spot market price = $1.20 per sq. ft. per year
Spot prices can go up by 10% with p = 0.5 or down by 10% with 1 − p = 0.5
Revenue = $1.22 per unit of demand
k = 0.1
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Decision Tree (1 of 2)
Figure 6-2 Decision Tree for Trips Logistics, Considering Demand and Price Fluctuation
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Evaluating the Spot Market Option (1 of 9)
Analyze the option of not signing a lease and using the spot market
Start with Period 2 and calculate the profit at each node
For D = 144, p = $1.45, in Period 2:
C(D = 144, p = 1.45,2) = 144,000 × 1.45
= $208,800
P(D = 144, p = 1.45,2) = 144,000 × 1.22
− C(D = 144, p = 1.45, 2)
= 175,680 − 208,800
= −$33,120
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Evaluating the Spot Market Option (2 of 9)
Table 6-5 Period 2 Calculations for Spot Market Option
Blank Revenue Cost
C(D =, p =, 2) Profit
P(D =, p =, 2)
D = 144, p = 1.45 144,000 × 1.22 144,000 × 1.45 −$33,120
D = 144, p = 1.19 144,000 × 1.22 144,000 × 1.19 $4,320
D = 144, p = 0.97 144,000 × 1.22 144,000 × 0.97 $36,000
D = 96, p = 1.45 96,000 × 1.22 96,000 × 1.45 −$22,080
D = 96, p = 1.19 96,000 × 1.22 96,000 × 1.19 $2,880
D = 96, p = 0.97 96,000 × 1.22 96,000 × 0.97 $24,000
D = 64, p = 1.45 64,000 × 1.22 64,000 × 1.45 −$14,720
D = 64, p = 1.19 64,000 × 1.22 64,000 × 1.19 $1,920
D = 64, p = 0.97 64,000 × 1.22 64,000 × 0.97 $16,000
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Evaluating the Spot Market Option (3 of 9)
Expected profit at each node in Period 1 is the profit during Period 1 plus the present value of the expected profit in Period 2
Expected profit E P(D =, p =, 1) at a node is the expected profit over all four nodes in Period 2 that may result from this node
P V E P(D =, p =, 1) is the present value of this expected profit and P(D =, p =, 1), and the total expected profit, is the sum of the profit in Period 1 and the present value of the expected profit in Period 2
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Evaluating the Spot Market Option (4 of 9)
From node D = 120, p = $1.32 in Period 1, there are four possible states in Period 2
Evaluate the expected profit in Period 2 over all four states possible from node D = 120, p = $1.32 in Period 1 to be
E P(D = 120, p = 1.32,1) = 0.2 × [P(D = 144, p = 1.45,2)
+ P(D = 144, p = 1.19,2)
+ P(D = 96, p = 1.45,2)
+ P(D = 96, p = 1.19,2)
= 0.25 × [−33,120 + 4,320
− 22,080 + 2,880]
= −$12,000
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Evaluating the Spot Market Option (5 of 9)
The present value of this expected value in Period 1 is
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Evaluating the Spot Market Option (6 of 9)
The total expected profit P(D = 120, p = 1.32,1) at node D = 120, p = 1.32 in Period 1 is the sum of the profit in Period 1 at this node, plus the present value of future expected profits possible from this node
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Evaluating the Spot Market Option (7 of 9)
Table 6-6 Period 1 Calculations for Spot Market Option
Node E P(D =, p =, 1) P(D =, p =, 1)
= D × 1.22 – D x p + start fraction E P at left parenthesis D =, p =, 1 right parenthesis over left parenthesis 1 + k right parenthesis end fraction
D = 120, p = 1.32 −$12,000 −$22,909
D = 120, p = 1.08 $16,000 $32,073
D = 80, p = 1.32 −$8,000 −$15,273
D = 80, p = 1.08 $11,000 $21,382
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Evaluating the Spot Market Option (8 of 9)
For Period 0, the total profit P(D = 100, p = 120,0) is the sum of the profit in Period 0 and the present value of the expected profit over the four nodes in Period 1
E P(D = 100, p = 1.20,0) = 0.25 × [P(D = 120, p = 1.32,1)
+ P(D = 120, p = 1.08,1)
+ P(D = 96, p = 1.32,1)
+ P(D = 96, p = 1.08,1)]
= 0.25 × [−22,909 + 32,073
− 15,273) + 21,382]
= $3,818
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Evaluating the Spot Market Option (9 of 9)
P(D = 100, p = 1.20,0) = (100,000 × 1.22) − (100,000 × 1.20)+ P V E P(D = 100, p = 1.20,0)
= $2,000 + $3,471 = $5,471
Therefore, the expected N P V of not signing the lease and obtaining all warehouse space from the spot market is given by N P V (Spot Market) = $5,471
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Evaluating the Fixed Lease Option (1 of 5)
Table 6-7 Period 2 Profit Calculations at Trips Logistics for Fixed Lease Option
Node Leased Space Warehouse Space
at Spot Price (S) Profit P(D =, p =, 2)
= D × 1.22 − (100,000 × 1 + S x p)
D = 144, p = 1.45 100,000 sq. ft. 44,000 sq. ft. $11,880
D = 144, p = 1.19 100,000 sq. ft. 44,000 sq. ft. $23,320
D = 144, p = 0.97 100,000 sq. ft. 44,000 sq. ft. $33,000
D = 96, p = 1.45 100,000 sq. ft. 0 sq. ft. $17,120
D = 96, p = 1.19 100,000 sq. ft. 0 sq. ft. $17,120
D = 96, p = 0.97 100,000 sq. ft. 0 sq. ft. $17,120
D = 64, p = 1.45 100,000 sq. ft. 0 sq. ft. −$21,920
D = 64, p = 1.19 100,000 sq. ft. 0 sq. ft. −$21,920
D = 64, p = 0.97 100,000 sq. ft. 0 sq. ft. −$21,920
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Evaluating the Fixed Lease Option (2 of 5)
Table 6-8 Period 1 Profit Calculations at Trips Logistics for Fixed Lease Option
Node E P(D =, p =, 1) Warehouse Space
at Spot Price (S) P(D =, p =, 1)
= D x 1.22−(100,000 x 1 + S x p) + E P(D =, p = ,1)(1 + k)
D = 120, p = 1.32 0.25 × [P(D = 144, p = 1.45,2) + P(D = 144, p = 1.19,2) + P(D = 96, p = 1.45,2) + P(D = 96, p = 1.19,2)] = 0.25 × (11,880 + 23,320 + 17,120 + 17,120) = $17,360 20,000 $35,782
D = 120, p = 1.08 0.25 × (23,320 + 33,000 + 17,120 + 17,120) = $22,640 20,000 $45,382
D = 80, p = 1.32 0.25 × (17,120 + 17,120−21,920 − 21,920) = −$2,400 0 −$4,582
D = 80, p = 1.08 0.25 × (17,120 + 17,120 − 21,920 −21,920) = −$2,400 0 −$4,582
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Evaluating the Fixed Lease Option (3 of 5)
Using the same approach for the lease option, N P V (Lease) = $38,364
E P(D = 100, p = 1.20,0) = 0.25 × [P(D = 120, p = 1.32,1) + P(D = 120, p = 1.08,1) + P(D = 80, p = 1.32,1) + P(D = 80, p = 1.08,1)]
= 0.25 × [35,782 + 45,382 − 4,582 − 4,582]
= $18,000
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Evaluating the Fixed Lease Option (4 of 5)
P(D = 100, p = 1.20,0) = (100,000 × 1.22) − (100,000 × 1)
+ P V E P(D = 100, p = 1.20,0)
= $22,000 + $16,364 = $38,364
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Evaluating the Fixed Lease Option (5 of 5)
Recall that when uncertainty was ignored, the N P V for the lease option was $60,182
However, the manager would probably still prefer to sign the three-year lease for 100,000 sq. ft. because this option has the higher expected profit
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Evaluating the Flexible Lease Option (1 of 2)
Table 6-9 Period 2 Profit Calculations at Trips Logistics with Flexible Lease Contract
Node Warehouse Space at $1 (W) Warehouse Space
at Spot Price (S) Profit P(D =, p =, 2)
= D × 1.22 − (W× 1
+ S × p)
D = 144, p = 1.45 100,000 sq. ft. 44,000 sq. ft. $11,880
D = 144, p = 1.19 100,000 sq. ft. 44,000 sq. ft. $23,320
D = 144, p = 0.97 100,000 sq. ft. 44,000 sq. ft. $33,000
D = 96, p = 1.45 96,000 sq. ft. 0 sq. ft. $21,120
D = 96, p = 1.19 96,000 sq. ft. 0 sq. ft. $21,120
D = 96, p = 0.97 96,000 sq. ft. 0 sq. ft. $21,120
D = 64, p = 1.45 64,000 sq. ft. 0 sq. ft. $14,080
D = 64, p = 1.19 64,000 sq. ft. 0 sq. ft. $14,080
D = 64, p = 0.97 64,000 sq. ft. 0 sq. ft. $14,080
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Evaluating the Flexible Lease Option (2 of 2)
Table 6-10 Period 1 Profit Calculations at Trips Logistics with Flexible Lease Contract
Node E P(D =, p =, 1) Warehouse Space at $1 (W) Warehouse Space
at Spot Price (S) P(D =, p =, 1)
= D × 1.22 (W x 1 + S x p) + E P(D =,
p = ,1)(1 + k)
D = 120,
p = 1.32 0.25 × (11,880 + 23,320 + 21,120 + 21,120) = $19,360 100,000 20,000 $37,600
D = 120,
p = 1.08 0.25 × (23,320 + 33,000 + 21,120 + 21,120) = $24,640 100,000 20,000 $47,200
D = 80,
p = 1.32 0.25 × (21,120 + 21,120 + 14,080 + 14,080) = $17,600 80,000 0 $33,600
D = 80,
p = 1.08 0.25 × (21,920 + 21,920 + 14,080 + 14,080) = $17,600 80,000 0 $33,600
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Decision Tree – Trips Logistics (3 of 3)
Table 6-11 Comparison of Different Lease Options for Trips Logistics
Option Value
All warehouse space from the spot market $5,471
Lease 100,000 sq. ft. for three years $38,364
Flexible lease to use between 60,000 and 100,000 sq. ft. $46,545
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Summary of Learning Objective 3
Uncertainty in demand and economic factors should be included in the financial evaluation of supply chain design decisions. Decision trees can be used to evaluate supply chain decisions under uncertainty. Uncertainty along different dimensions over the evaluation period is represented as a tree with each node corresponding to a possible scenario. Starting at the last period of the evaluation interval, the decision tree analysis works back to Period 0, identifying the optimal decision and the expected cash flows at each step. The inclusion of uncertainty typically decreases the value of rigidity and increases the value of flexibility.
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Onshore or Offshore
The value of flexibility under uncertainty
D-Solar demand in Europe = 100,000 panels per year
Each panel sells for €70
Annual demand may increase by 20 percent with probability 0.8 or decrease by 20 percent with probability 0.2
Build a plant in Europe or China with a rated capacity of 120,000 panels
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D-Solar Decision (1 of 21)
Table 6-12 Fixed and Variable Production Costs for D-Solar
European Plant European Plant Chinese Plant Chinese Plant
Fixed Cost
(euro) Variable Cost
(euro) Fixed Cost
(yuan) Variable Cost
(yuan)
1 million/year 40/panel 8 million/year 340/panel
Table 6-13 Expected Future Demand and Exchange Rate
Period 1 Period 1 Period 2 Period 2
Demand Exchange Rate Demand Exchange Rate
112,000 8.64 yuan/euro 125,440 8.2944 yuan/euro
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D-Solar Decision (2 of 21)
European plant has greater volume flexibility
Increase or decrease production between 60,000 to 150,000 panels
Chinese plant has limited volume flexibility
Can produce between 100,000 and 130,000 panels
Chinese plant will have a variable cost for 100,000 panels and will lose sales if demand increases above 130,000 panels
Yuan, currently 9 yuan/euro, expected to rise 10%, probability of 0.7 or drop 10%, probability of 0.3
Sourcing decision over the next three years
Discount rate k = 0.1
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D-Solar Decision (3 of 21)
Period 0 profits = (100,000 × 70) – 1,000,000 − (100,000 × 40) = €2,000,000
Period 1 profits = (112,000 × 70) − 1,000,000 − (112,000 × 40) = €2,360,000
Period 2 profits = (125,440 × 70) − 1,000,000 − (125,440 × 40) = €2,763,200
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D-Solar Decision (4 of 21)
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Decision Tree (2 of 2)
Figure 6-3 Decision Tree for D-Solar
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D-Solar Decision (5 of 21)
Period 2 evaluation – onshore
Revenue from the manufacture and sale of 144,000 panels
= 144,000 × 70 = €10,080,000
Fixed + variable cost of onshore plant
= 1,000,000 + (144,000 × 40)
= €6,760,000
P(D = 144, E = 10.89,2)
= 10,080,000 − 6,760,000
= €3,320,000
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D-Solar Decision (6 of 21)
Table 6-14 Period 2 Profits for Onshore Option
D E Sales Production Cost Quantity Revenue (euro) Cost (euro) Profit (euro)
144 10.89 144,000 144,000 10,080,000 6,760,000 3,320,000
144 8.91 144,000 144,000 10,080,000 6,760,000 3,320,000
96 10.89 96,000 96,000 6,720,000 4,840,000 1,880,000
96 8.91 96,000 96,000 6,720,000 4,840,000 1,880,000
144 7.29 144,000 144,000 10,080,000 6,760,000 3,320,000
96 7.29 96,000 96,000 6,720,000 4,840,000 1,880,000
64 10.89 64,000 64,000 4,480,000 3,560,000 920,000
64 8.91 64,000 …
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