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Now showing items 81 - 96 of 201

  • Flexibility, information structure, options, and market power in robust supply chains

    Wallace, Stein W.   Choi, Tsan-Ming  

    Faced with uncertainty, researchers have explored concepts such as robustness, flexibility, information structure, options, and market power for supply chain management. Despite many influential findings, such as the presence of the bullwhip effect and channel power, the literature in supply chain management is a bit confusing with regard to these concepts, including how they are related to each other. In light of this, we discuss the meaning of the terms in a supply chain management context. We indicate what questions are at stake and some pitfalls to be aware of if the phenomenon we are concerned about is affected by strategic players. This paper is modelling focused. (C) 2009 Elsevier B.V. All rights reserved.
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  • Fashion retail forecasting by evolutionary neural networks

    Au, Kin-Fan   Choi, Tsan-Ming   Yu, Yong  

    Recent literature on nonlinear models has shown that neural networks are versatile tools for forecasting. However, the search for an ideal network structure is a complex task. Evolutionary computation is a promising global search approach for feature and model selection. In this paper, an evolutionary computation approach is proposed in searching for the ideal network structure for a forecasting system. Two years' apparel sales data are used in the analysis. The optimized neural networks structure for the forecasting of apparel sales is developed. The performances of the models are compared with the basic fully connected neural networks and the traditional forecasting models. We find that the proposed algorithms are useful for fashion retail forecasting, and the performance of it is better than the traditional SARIMA model for products with features of low demand uncertainty and weak seasonal trends. It is applicable for fashion retailers to produce short-term retail forecasting for apparels, which share these features. (C) 2008 Elsevier B.V. All rights reserved.
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  • Mean-variance analysis of Quick Response Program

    Choi, Tsan-Ming   Chow, Pui-Sze  

    Quick Response Program (QRP) has been well established in fashion supply chains. It is known that QRP may not be equally good to all channel members and some measures have to be taken in order to achieve a win-win situation. However, little is known about the corresponding level of risk associated with QRP and some proposed measures. In light of this, we study QRP via a mean-variance (MV) approach. We illustrate how the measures such as price commitment policy, service-level commitment policy, and buy-back policy can be adjusted to achieve the MV win-win situation in which the channel members can be better off with considerations of both expected profit and risk. Numerical analyses are included and the analytical conditions for achieving both the supply chain channel coordination and the MV win-win situation are derived. Managerial insights are generated. (C) 2008 Elsevier B.V. All rights reserved.
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  • Mean-variance analysis for the newsvendor problem RID E-7985-2011

    Choi, Tsan-Ming   Li, Duan   Yan, Houmin  

    The newsvendor problem is a fundamental building block for inventory management with a stochastic demand. The classical newsvendor problem focuses on a sole objective of either minimizing the expected cost or maximizing the expected profit. However, the performance measure with expected value alone is insufficient, and it ignores the risk preferences of the decision makers. As a result, we carry out a mean-variance analysis of the newsvendor problem. We construct analytical models and reveal the problem's structural properties. We propose the solution schemes which help to identify the optimal solutions. Interesting findings regarding the efficient frontier, the case with a stockout penalty cost, and the safety-first objective are discussed.
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  • [Springer Series in Fashion Business] Analytical Modeling Research in Fashion Business ||

    Choi, Tsan-Ming  

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  • Special section on logistics management in fashion retail supply chains

    Choi, Tsan-Ming   Chen, Youhua (Frank)  

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  • An empirical study of intelligent expert systems on forecasting of fashion color trend

    Yu, Yong   Hui, Chi-Leung   Choi, Tsan-Ming  

    Forecasting future color trend is a crucially important and challenging task in the fashion industry including design, production and sales. In particular, the trend of fashion color is highly volatile. Without advanced methods, it is very hard to make fashion color trend forecasting with reasonably high accuracy, and it is a handicap for development of the intelligent expert systems in fashion industry. As a result, many prior works have employed traditional regression models like ARIMA or intelligent models such as artificial neural network (ANN) and grey model (GM) for conducting color trend forecasting. However, the reported accuracies of these forecasting methods vary a lot, and there are controversies in the literature on these models' performances. As a result, in this paper, we systematically compare the performances of ARIMA, ANN and GM models and their extended family methods. With real data analysis, our results show that the ANN family models, especially for Extreme Learning Machine (ELM) with Grey Relational Analysis (GRA), outperform the other models for forecasting fashion color trend. (C) 2011 Elsevier Ltd. All rights reserved.
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  • A System of Systems Approach for Global Supply Chain Management in the Big Data Era

    Choi, Tsan-Ming  

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  • Supply chain financing using blockchain: impacts on supply chains selling fashionable products

    Choi, Tsan-Ming  

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  • Service Quality of Online Shopping Platforms: A Case-Based Empirical and Analytical Study

    Choi, Tsan-Ming   Chow, Pui-Sze   Kwok, Bowood   Liu, Shuk-Ching   Shen, Bin  

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  • Service Quality of Online Shopping Platforms: A Case-Based Empirical and Analytical Study

    Choi, Tsan-Ming   Chow, Pui-Sze   Kwok, Bowood   Liu, Shuk-Ching   Shen, Bin  

    Customer service is crucially important for online shopping platforms (OSPs) such as eBay and Taobao. Based on the well-established service quality instruments and the scenario of the specific case on Taobao, this paper focuses on exploring the service quality of an OSP with an aim of revealing customer perceptions of the service quality associated with the provided functions and investigating their impacts on customer loyalty. By an empirical study, this paper finds that the "fulfillment and responsiveness" function is significantly related to the customer loyalty. Further analytical study is conducted to reveal that the optimal service level on the "fulfillment and responsiveness" function for the risk averse OSP uniquely exists. Moreover, the analytical results prove that (i) if the customer loyalty is more positively correlated to the service level, it will lead to a larger optimal service level, and (ii) the optimal service level is independent of the profit target, the source of uncertainty, and the risk preference of the OSP.
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  • Shopping behaviors of individual tourists from the Chinese Mainland to Hong kong

    Choi, Tsan-Ming   Liu, Shuk-Ching   Pang, Ka-Man   Chow, Pui-Sze  

    Since 2003, the Hong Kong and the Chinese Mainland (CM) governments have established Individual Visit Scheme (IVS) which simplifies the process for CM people to visit Hong Kong. The resulting tremendous increase of CM tourists affects significantly the Hong Kong fashion retailing industry (HKFRI). In this research note, we study the challenges and opportunities brought by IVS for HKFRI. Recommendations are proposed and managerial findings are developed. (c) 2007 Elsevier Ltd. All rights reserved.
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  • Impacts of retailer’s risk averse behaviors on quick response fashion supply chain systems

    Choi, Tsan-Ming  

    Supply chain systems for fashion apparel products face a high level of risk as the market demand is very volatile and unpredictable. In order to cope with demand volatility, the quick response system which aims to shorten replenishment lead time has been well-established. With a shortened lead time, retailers can postpone the ordering decision and improve their demand forecast by gathering updated market information. However, there is a limit for quick response in which the market demand forecast is never fully accurate and uncertainty can never be fully eliminated. Thus, to keep the level of risk under control, retailers tend to possess a risk-averse behaviour in making their respective inventory decisions. In this paper, we explore the make-to-order quick response fashion supply chain with a risk averse retailer. We employ the mean-risk framework to incorporate the retailer's risk averse behavior into the optimization model. With the focal point on uncovering the impacts brought by the retailer's risk averse behavior to the quick response fashion supply chain system, we analytically derive important theoretical insights regarding the retailer's optimal decisions, the implied inventory service levels, the values of quick response, and the contractual arrangements to attain Pareto improvement when the retailer is risk averse.
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  • Periodic Review Multiperiod Inventory Control Under a Mean-Variance Optimization Objective

    Choi, Tsan-Ming   Chiu, Chun-Hung   Fu, Pei-Lin  

    We study in this correspondence paper a solution scheme which solves a periodic review multiperiod inventory problem under a mean-variance (MV) framework. We first investigate a primal inventory problem with an MV objective function. Owing to the nonseparable nature of variance, we construct an auxiliary problem which is separable. By solving the auxiliary problem, we identify the conditions under which the solutions of the primal and auxiliary problems converge. Hence, we propose the algorithm and show that a base-stock policy is optimal.
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  • Optimal Advertising and Pricing Strategies for Luxury Fashion Brands With Social Influences

    Zheng, Jin-Hui   Chiu, Chun-Hung   Choi, Tsan-Ming  

    In marketing, it is well known that social needs play an important role in the purchase of conspicuous products such as high-end luxury fashion labels. In this paper, we analytically study the optimal advertising and pricing decisions for luxury fashion brands in a market that consists of two consumer groups with contrasting social needs for fashion products, namely, the leader group (LG) and the follower group (FG). We consider a situation where the LG consumers have the desire to distinguish themselves from the FG consumers, whereas the FG consumers would like to assimilate themselves with the LG consumers. We first develop an original optimization model for this problem. We then explore the optimal solution scheme by separating the problem into tactic-based subproblems and conduct an extensive sensitivity analysis. Our analysis reveals that the optimal strategies follow different scenarios, and it can be optimal for a brand of conspicuous product to do the following: 1) Advertise to only one group while sell to the whole market; 2) advertise and sell to the FG only; and 3) advertise and sell to the LG only. Important insights are also reported.
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  • Quick response in fashion supply chains with dual information updating

    Choi, Tsan-Ming  

    We study in this paper the Quick Response (QR) policy in a two-echelon single-manufacturer single-retailer supply chain with a fashion product and dual information updating. To be specific, under Quick Response, a fashion retailer can collect market information towards the sales of a pre-seasonal product whose demand is closely related to the demand of the seasonal product. This information is then used to update both the unknown mean and unknown variance for the seasonal product's demand by Bayesian approach. We consider the situation that there are ordering and production costs uncertainty and differences. After deriving the analytical model, we show the conditions under which QR is beneficial to the supply chain. Measures that can be taken to create Pareto improvement scenario in the supply chain and the individual echelons are discussed. Managerial insights are developed.
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