Consignment Inventory Simulation Model for Single Vendor-Multi Buyers in a Supply Chain

Abstract

The focus on the studies of supply chain management has been increasing in recent years among academics as well as practitioners. In this paper, we present an extendable multi agent supply chain simulation model for consignment stock inventory model for a single vendor - multiple buyers. The simulation study dealt the quantitative measures of performance of consignment stock model with respect to number of shipments, delay deliveries, number of shipments shifted due to partial information sharing, average inventory levels of buyer and vendor and joint total economic cost (JTEC) as key performance parameters. Flexsim V3.0 a discrete event simulation software is used for simulating the model.