NDLI: Multi-objective supply chain sourcing strategy design under risk using PSO and simulation

Content Provider	Springer Nature Link
Author	PrasannaVenkatesan, S. Kumanan, S.
Copyright Year	2011
Abstract	Sourcing strategy design in a supply chain is vital to gain competitive advantage. In recent years, supply chain risks are growing significantly and supplier failure is identified as one of the top supply chain risks. Researchers attempt to mitigate the negative impacts of supplier failure by applying strategies such as local versus global sourcing, single versus dual/multiple-sourcing, performance-based supply contracts, and optimizing the order allocation among suppliers. Global sourcing is a widely recognized strategy among firms, and it involves a trade-off between reliable, high-cost local suppliers and unreliable, low-cost offshore suppliers. The global sourcing is associated with the risks of exchange rate volatility, trade restrictions, longer lead time, and problems with supplier reliability. Sourcing strategy design considering price, exchange rate risks, and supplier delivery reliability is an important research topic and needs attention. In this work, a hybrid optimization and simulation approach is proposed to design the supply chain sourcing strategy. In the optimization approach, a multi-objective binary particle swarm algorithm is developed for minimizing the total cost and maximizing the supplier delivery reliability. Selected scenarios from the optimization results are modeled using Witness simulation software to evaluate the robustness of sourcing strategies under price, exchange rate and demand risks. The proposed approach is exemplified using a real-life case study of a plastic product manufacture in India.
Starting Page	325
Ending Page	337
Page Count	13
File Format	PDF
ISSN	02683768
Journal	The International Journal of Advanced Manufacturing Technology
Volume Number	61
Issue Number	1-4
e-ISSN	14333015
Language	English
Publisher	Springer-Verlag
Publisher Date	2011-11-05
Publisher Place	London
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Supply chain sourcing Particle swarm optimization Simulation Price/exchange rate risk Demand risk Mechanical Engineering Computer-Aided Engineering (CAD, CAE) and Design Production/Logistics/Supply Chain Industrial and Production Engineering
Content Type	Text
Resource Type	Article
Subject	Industrial and Manufacturing Engineering Control and Systems Engineering Mechanical Engineering Computer Science Applications Software

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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