Year-end Sale % OFF 
Abstract
ABSTRACTRisk management in supply chains has been receiving increased attention in the past few years. In this article, we present formulations for the strategic supply chain network design problem with dual objectives, which usually conflict with each other: minimizing cost and maximizing reliability. Quantifying the total reliability of a network design is not as straightforward as total cost calculation. We use reliability indices and develop analytical formulations that model the impact of upstream supply chain on individual entities’ reliability to quantify the total reliability of a network. The resulting multiobjective nonlinear model is solved using a novel hybrid algorithm that utilizes a genetic algorithm for network design and linear programming for network flow optimization. We demonstrate the application of our approach through illustrative examples in establishing tradeoffs between cost and reliability in network design and present managerial implications.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
