【正文】 er。. . . .. .Project Scheduling in the Financial Management of Supply Chains(excerpts)Author:Durukan Kalyoncu, Guldane Acceptance Date: June 2012In literature, numerous publications on managing supply chains exist most of which has focused on the physical aspects of the supply chains. Although the bottom line is very important for managers, there are a limited number of publications that bine the financial management of supply chains with the physical management. Those studies address the supply chain financial performance measurement with different approaches and measures。 first two are related to timing of cash inflows and outflows and the third is related to firm’s operations policy, it is a bridging measurement between operational and financial planning. Also, since CCC is the time passed from cash outflow to cash inflow, it measures how long the firm needs outside financing. Thus many scholars (Farris and Hutchison (2002), Soenen (1993), Binti Mohamad and Binti Mohd Saad (2010)) stated that the shorter CCC the better the pany finances are. However, there are some plications regarding the Cash Conversion Cycle metric approach in financial management of supply chains. Even though supply chain partners put considerable efforts to have control over the stream of cash inflow by managing payment terms, these cash inflows are mostly probabilistic due to unpredictable conditions of the downstream players. On the other hand cash outflows to the upper layers of the chain is deterministic。 therefore the average inventory held by the firm over the year, and corresponding holding cost increase. Apart from the physical cost of inventory holding, higher obsolescence cost related to higher levels of inventory should be taken into account in case of change in technology or new trends in demand. What is more, opportunity cost is another side of the inventory holding in the sense that the capital is tied to inventory rather than other moneymaking investments. Lead Time crashing cost: Firms can shorten the time needed to produce and deliver the products to customers but this can be done at a cost known as reduction or crashing cost. Lead Time vs. crashing cost graph is negative exponential (decreasing function). Crashing process starts with the longest lead (processing) time for the activities which corresponds to the least cost, then as the Lead Time is reduced the cost increases exponentially as illustrated in Figure 3. Consequently, the total Lead Time can be deposed into ponents depending on the amount invested in reducing/crashing the Lead Time.Cash to Cash cycle, which is first defined by Gitman (1974) was further examined by Gallinger (1997) as the length of the period that the firm39。 (Gallinger, 1997). As seen from Gallinger’s definition longer Cash Conversion Cycles damage pany finances in terms of cost of borrowing/ financing the necessary funds. Thus, shortening the CCC is a key metric for the pany financial management. In that sense, further analysis of the CCC made by Soenen (1993) deposes it into three sections:1. The length of the credit term that the pany gets from its suppliers, 2. The length of the production process, and 3. The number of days the final products remains in inventory before they are sold. So, in this study we are going to examine the effects of leadtime reduction。 The firm’s objective is to maximize the cash available at the end of a oneyear period after paying the annual inventory holding, ordering and crashing costs by proper selection of the decision variables that poses the Cash Conversion Cycle. In our model total Lead Time is deterministic whereas the Inventory Conversion Period depends on the Lead Times. Lead Time 1 affects Reorder Point by changing the required safety stock level and demand during Lead Time。 so Optimal Lead Time and accordingly the optimal CCC is not very sensitive to changes in CSL。雖然底線是非常重要的經(jīng)理,有數(shù)量有限的出版物,結(jié)合供應(yīng)鏈的財(cái)務(wù)管理與實(shí)物管理。在這方面它使公司整合運(yùn)營調(diào)度與金融調(diào)度。圖1假設(shè)零售商的倉庫的庫存是在同一天順序放置的制造商。也,因?yàn)镃CC是現(xiàn)金流入現(xiàn)金流出的時(shí)間的流逝,它衡量公司需要多長時(shí)間外部融資。另一方面,現(xiàn)金流出的上層鏈確定性。供應(yīng)鏈水平從古普塔和杜塔的研究(2011),提前支付的債務(wù)導(dǎo)致當(dāng)期最低現(xiàn)金流出,但它并不一定導(dǎo)致最低的現(xiàn)金流出的現(xiàn)值。然而,管理時(shí)間,主要是確定的,也不是一件容易的事,因?yàn)樗灾苯踊蜷g接方式影響現(xiàn)金流流。第三,減少交貨時(shí)間減少現(xiàn)金轉(zhuǎn)換周期。也沒有Beesley Towill觸摸的借貸成本的問題,而是強(qiáng)調(diào)時(shí)間減少的間接金融影響,如快速響應(yīng)市場,使一個更準(zhǔn)確的需求預(yù)測。而BenDaya和Raouf(1994)的研究關(guān)注的是時(shí)間的靈活性問題通過研究交貨時(shí)間減少的成本以及對庫存策略的影響如訂貨點(diǎn)和最優(yōu)訂貨量影響訂購和庫存持有成本,他們的研究并沒有模型整體與上游供應(yīng)鏈的交易球員都考慮進(jìn)去。所以,目的是建立一個全面的方法,同時(shí)包含了時(shí)間和金錢方面的考慮,我們的研究使用現(xiàn)金轉(zhuǎn)換周期作為決策變量對我們評估財(cái)務(wù)績效。所以我們的研究開始于分析影響供應(yīng)鏈的財(cái)務(wù)管理的問題,然后介紹相關(guān)的模型是建立在以前的工作。最后說明例子和靈敏度分析提出了緊隨其后的是結(jié)論部分總結(jié)研究的結(jié)果。每個合作伙伴,知道預(yù)測他們檢索從較低的合作伙伴并不是百分之一百準(zhǔn)確,建立安全庫存。隨著周期的增加,預(yù)測得更遠(yuǎn)的時(shí)間,進(jìn)而提高了預(yù)測錯誤。借貸成本/投資:借貸成本是另一個重要方面的財(cái)務(wù)管理供應(yīng)鏈。除了物理庫存持有成本,更高的報(bào)廢成本與較高水平的庫存應(yīng)該考慮改變在技術(shù)或需求的新趨勢。崩潰過程始于最長的(處理)的時(shí)間對應(yīng)于最低成本的活動,那么交貨時(shí)間是減少成本成倍增加如圖3所示。從Gallinger定義現(xiàn)金轉(zhuǎn)換周期較長損害公司財(cái)務(wù)狀況的借貸成本/融資所需的資金。生產(chǎn)過程的長度,3。除了減少CCC,提前期壓縮有利于組織也在其它方面。作者指出,盡管這些因素給企業(yè)的競爭優(yōu)勢,客戶可能不愿意花更多的錢在速度和多樣性。然而Beesley關(guān)注一個非常重要的事實(shí),即物流策略時(shí)最有效的應(yīng)用于供應(yīng)鏈在其廣泛的背景下,供應(yīng)鏈的范圍是什么,將資源轉(zhuǎn)化為交付,可消費(fèi)的產(chǎn)品或服務(wù)。因?yàn)樗菚r(shí)間間隔的發(fā)行債務(wù)和現(xiàn)金流出,再支付條款使得公司能夠獲得無息融資。在這個意義上Nobanee(2009)在一種改進(jìn)的建模方式的最優(yōu)CCC供應(yīng)鏈,他定義了最優(yōu)CCC如下,見圖1:最優(yōu)現(xiàn)金轉(zhuǎn)換周期=最優(yōu)庫存轉(zhuǎn)換時(shí)期+最佳應(yīng)收應(yīng)付收集期間——最優(yōu)延遲時(shí)間。我們的零售商庫存計(jì)劃的預(yù)測需求的基礎(chǔ)因此地方為了提前制造商通過經(jīng)濟(jì)訂貨批量(經(jīng)濟(jì)訂購量)模型。我們假設(shè)合同條款對應(yīng)付賬款和應(yīng)收賬款都是沒有改變的期限為一年。的折扣?如果收到付款后3天內(nèi)交貨或支付的全部金額必須在3日的一天。因此庫存轉(zhuǎn)換時(shí)期是一個因變量的模型。更重要的是制造商遵循類似的rewardpunishment機(jī)制對零售商的購買。然后模擬一年時(shí)間內(nèi)通過蒙特卡洛模擬100次迭代結(jié)束時(shí)可用的現(xiàn)金扣除年度庫存持有成本。結(jié)果表明,即使CSL改變,優(yōu)化公司的現(xiàn)金轉(zhuǎn)換周期仍然是13天。為了增加CSL公司增加安全庫存水平,從而增加了庫存持有成本。90(這是一個巨大的變化)很少變化積累現(xiàn)金,所以真正的黨衛(wèi)軍沒有重大決定CCC或LT。然而,我們的研究中,它使用projectscheduling技術(shù)縮短CCC,表明存在一個最優(yōu)值CCC組件,該公司產(chǎn)生最好的財(cái)務(wù)業(yè)績。雖然公司的應(yīng)收賬款收集期間是一個函數(shù)的通用操作策略和客戶的財(cái)務(wù)方面的考慮,為了加快集合,該公司為客戶提供激勵措施?？偨Y(jié),雖然現(xiàn)金轉(zhuǎn)換周期是一個全面的指標(biāo),公司可以用它來評估他們的財(cái)務(wù)和運(yùn)營政策,更有意義,當(dāng)它計(jì)算出連續(xù)時(shí)間段查看隨時(shí)間變化或與幾個競爭對手相比時(shí)。什么是奮斗？奮斗就是每天很難，可一年一年卻越來