SGER: Pricing and Managing Risks in Global Manufacturing Enterprise

本奖项的研究目标是开发有效管理制造商的模型。S需求风险，并明确定价供应商加入全球制造企业所承担的风险。目前，此类风险已隐含在制造商和供应商之间的合同中。在本研究中，金融工程的概念，如公平定价和实物期权将严格应用于制造业领域的风险有效定价。研究的重点是这些模型在全球制造企业所面临的实际情况中的适用性。因此，模型将包括库存和交货期过程及其对这些风险的影响。可交付成果包括模型的文档、研究成果的文档和验证以及参与工程教育。如果这项研究成功，将促进我们对如何创建企业来明确管理风险的理解，并将为支付给供应商的补偿提供科学依据。研究结果将有利于制造商和供应商参与一个全球性的企业。两者之间的这种关系增加了双方的压力，要求他们充分管理风险，并在更短的周转时间内降低成本。风险的明确定价将给美国制造业带来收益，而不仅仅是通过库存控制和产能利用率来逐步改善运营风险管理所带来的收益。这些概念和结果将通过各种出版物传播，并将纳入密歇根大学工业和运营工程、金融工程和机械工程的研究生课程。由于该奖项，学生将接触到多学科的研究和发展。

The research objective of this award is to develop models for effective management of the manufacturer?s demand risks, and explicitly price the risks the supplier takes in joining a global manufacturing enterprise. Currently, such risks are implicitly included in the contracts between the manufacturer and the supplier. In this research, financial engineering concepts, such as fair pricing and real-options will be rigorously applied to effectively price the risks in the area of manufacturing. The research focus is on the applicability of these models to realistic situations faced by a global manufacturing enterprise. Thus, the models will include inventory and lead time processes and their effects on these risks. Deliverables include documentation of the models, documentation and verification of research results and involvement in engineering education.If successful, this research will advance our understanding of how an enterprise should be created to explicitly manage risks and will provide a scientific basis for the compensation paid to supplier. The research results will benefit manufacturers and suppliers involved in a global enterprise. This relationship between the two is increasing the pressure on both to manage risks adequately and reduce costs with shorter turn-around times. Explicit pricing of risks will provide benefits to the US manufacturing industry beyond benefits realized by incremental improvement of the management of operational risks using inventory control and capacity utilization. The concepts and results will be disseminated through various publications and will be included in the graduate courses in Industrial and Operations Engineering, Financial Engineering and Mechanical Engineering at the University of Michigan. Students will be exposed to multidisciplinary research and development as a result of this award.