Managing panic buying-related instabilities in supply chains: A COVID-19 pandemic perspective

Towfique Rahman; Sanjoy Kumar Paul; Nagesh Shukla; Renu Agarwal; Firouzeh Taghikhah

doi:10.1016/j.ifacol.2022.09.405

Managing panic buying-related instabilities in supply chains: A COVID-19 pandemic perspective

Towfique Rahman^*, Sanjoy Kumar Paul, Nagesh Shukla, Renu Agarwal, Firouzeh Taghikhah

^*Corresponding author for this work

Crawford School of Public Policy

Research output: Contribution to journal › Conference article › peer-review

3 Citations (Scopus)

Abstract

Global supply chains (SCs) have been severely impacted by the COVID-19 pandemic on several levels. For example, SCs suffered from panic buying-related instabilities and multiple disruptions of supply, demand, and capacity during the pandemic. This study developed an agent-based model (ABM) to predict the effects of panic buying-related instabilities in SCs and offered strategies to improve them. The ABM model includes a simulation and optimization model of a typical SC of an essential product manufacturer (i.e., toilet paper SC) for the analysis of scenarios and strategies to observe improvements in SCs. Among the four strategies identified, the findings suggest boosting production capacity to the maximum and ensuring optimal reorder points, order sizes, and trucks helped the essential product manufacturers reduce panic buying-related instabilities in their SCs.

Original language	English
Pages (from-to)	305-310
Number of pages	6
Journal	IFAC-PapersOnLine
Volume	55
Issue number	10
DOIs	https://doi.org/10.1016/j.ifacol.2022.09.405
Publication status	Published - 26 Oct 2022
Event	10th IFAC Conference on Manufacturing Modelling, Management and Control, MIM 2022 - Nantes, France Duration: 22 Jun 2022 → 24 Jun 2022

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10.1016/j.ifacol.2022.09.405Licence: CC BY-NC-ND

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title = "Managing panic buying-related instabilities in supply chains: A COVID-19 pandemic perspective",

abstract = "Global supply chains (SCs) have been severely impacted by the COVID-19 pandemic on several levels. For example, SCs suffered from panic buying-related instabilities and multiple disruptions of supply, demand, and capacity during the pandemic. This study developed an agent-based model (ABM) to predict the effects of panic buying-related instabilities in SCs and offered strategies to improve them. The ABM model includes a simulation and optimization model of a typical SC of an essential product manufacturer (i.e., toilet paper SC) for the analysis of scenarios and strategies to observe improvements in SCs. Among the four strategies identified, the findings suggest boosting production capacity to the maximum and ensuring optimal reorder points, order sizes, and trucks helped the essential product manufacturers reduce panic buying-related instabilities in their SCs.",

keywords = "agent-based modeling, COVID-19 pandemic, mitigation, panic buying, Supply chain",

author = "Towfique Rahman and Paul, {Sanjoy Kumar} and Nagesh Shukla and Renu Agarwal and Firouzeh Taghikhah",

note = "Publisher Copyright: {\textcopyright} 2022 The Authors. This is an open access article under the CC BY-NC-ND license (https://creativecommons.org/licenses/by-nc-nd/4.0/); 10th IFAC Conference on Manufacturing Modelling, Management and Control, MIM 2022 ; Conference date: 22-06-2022 Through 24-06-2022",

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T1 - Managing panic buying-related instabilities in supply chains: A COVID-19 pandemic perspective

AU - Rahman, Towfique

AU - Paul, Sanjoy Kumar

AU - Shukla, Nagesh

AU - Agarwal, Renu

AU - Taghikhah, Firouzeh

PY - 2022/10/26

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N2 - Global supply chains (SCs) have been severely impacted by the COVID-19 pandemic on several levels. For example, SCs suffered from panic buying-related instabilities and multiple disruptions of supply, demand, and capacity during the pandemic. This study developed an agent-based model (ABM) to predict the effects of panic buying-related instabilities in SCs and offered strategies to improve them. The ABM model includes a simulation and optimization model of a typical SC of an essential product manufacturer (i.e., toilet paper SC) for the analysis of scenarios and strategies to observe improvements in SCs. Among the four strategies identified, the findings suggest boosting production capacity to the maximum and ensuring optimal reorder points, order sizes, and trucks helped the essential product manufacturers reduce panic buying-related instabilities in their SCs.

AB - Global supply chains (SCs) have been severely impacted by the COVID-19 pandemic on several levels. For example, SCs suffered from panic buying-related instabilities and multiple disruptions of supply, demand, and capacity during the pandemic. This study developed an agent-based model (ABM) to predict the effects of panic buying-related instabilities in SCs and offered strategies to improve them. The ABM model includes a simulation and optimization model of a typical SC of an essential product manufacturer (i.e., toilet paper SC) for the analysis of scenarios and strategies to observe improvements in SCs. Among the four strategies identified, the findings suggest boosting production capacity to the maximum and ensuring optimal reorder points, order sizes, and trucks helped the essential product manufacturers reduce panic buying-related instabilities in their SCs.

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Managing panic buying-related instabilities in supply chains: A COVID-19 pandemic perspective

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