Practical application of the approximate point algorithm in supply chain risk management

Document Type : Research Paper

Author

University of Isfahan

Abstract

Today, the production of high-quality goods at the lowest cost and their delivery to customers in the shortest possible time has intensified competition among manufacturers. For this reason, the supply chain, which encompasses all elements involved in the production of a product until it is delivered to the customer, holds special significance. This supply chain can always be subject to risks from various internal and external factors. In such circumstances, a manufacturer can succeed in the competitive market by planning and conducting operations for optimal production to mitigate the impact of risks. In this article, we aim to formulate the optimization problem of production under risk conditions as a convex multi-objective optimization problem and introduce the Approximate Point Algorithm for solving it.

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References

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Mathematics and Society
Volume 2, Issue 3 - Serial Number 3
September 2017
Pages 7-22

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History

  • Receive Date: 18 September 2016
  • Revise Date: 22 November 2016
  • Accept Date: 07 January 2017
  • Publish Date: 22 November 2017

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