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The Best Thinking in Business Analytics from the Decision Sciences Institute by Merrill Warkentin, Decision Sciences Institute

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10. Business Analytics Application in Supplier and Carrier Selection1

—Xu Yang, San Jose State University

—Sunderesh S. Heragu, Oklahoma State University

—Gerald W. Evans, University of Louisville

Abstract

Business analytics has been widely used to assist business decision making. In today’s competitive business environment, many companies face important decisions regarding choosing their suppliers and carriers. In this chapter, we apply an agent-based simulation approach combined with an auction mechanism to address this problem. We set the initial condition of the simulation model as the optimal solution given by an optimization model and incorporate any dynamic changes occurring in the actual execution. By introducing three parameters in ...

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