A simulation model for managing outsourcing decisions Online publication date: Fri, 22-Oct-2010
by Kazim Sari, Fuat Oktay, Arman T. Tevfik
International Journal of Management and Enterprise Development (IJMED), Vol. 9, No. 2, 2010
Abstract: The aim of this research is to contribute into the development of a strategic and systematic outsourcing decision-making framework for practitioners. In this regard, the authors propose a concrete decision framework that would incorporate quantitative measures and financial dimensions in outsourcing decision-making process. In addition, the authors also provide a platform to make outsourcing decisions under high uncertainty levels associated with insufficient and/or imprecise data. For this purpose, Monte Carlo simulation is used to evaluate the financial results of an outsourcing decision based on a real industrial case. On the other hand, to express the environmental uncertainties and market dynamics into the analysis, fuzzy set theory is utilised. Therefore, this research, as dealing with one of the most important topics in industrial management, provides a better decision framework for practitioners using appropriate quantitative techniques.
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