Optimizing bi-objective, multi-echelon supply chain model using particle swarm intelligence algorithm

Abstract

In the current globalized scenario, business organizations are more dependent on cost effective supply chain to enhance profitability and better handle competition. Demand uncertainty is an important factor in success or failure of a supply chain. An efficient supply chain limits the stock held at all echelons to the extent of avoiding a stock-out situation. In this paper, a three echelon supply chain model consisting of supplier, manufacturing plant and market is developed and the same is optimized using particle swarm intelligence algorithm.