A simulation-optimization approach for integrating physical and financial flows in a supply chain under economic uncertainty

Badakhshan, Ehsan; Ball, Peter

doi:10.1016/j.orp.2023.100270

Cited by 4 publications

(4 citation statements)

References 43 publications

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“…In the work presented in [81], the authors used Genetic Algorithms and MATLAB software to develop a simulation-optimization framework that incorporates cash flow modelling and uncertainties in macroeconomic and microeconomic parameters in a supply chain planning problem while measuring the profitability. One of the limitations of this is that the authors do not apply multi-objective optimization in their study.…”

Section: Other Specialized Optimization Existing Platformsmentioning

confidence: 99%

A Systematic Review of Multi-Objective Evolutionary Algorithms Optimization Frameworks

Pătrăușanu,

Florea,

Neghină

et al. 2024

Processes

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The study of evolutionary algorithms (EAs) has witnessed an impressive increase during the last decades. The need to explore this area is determined by the growing request for design and the optimization of more and more engineering problems in society, such as highway construction processes, food and agri-technologies processes, resource allocation problems, logistics and transportation systems, microarchitectures, suspension systems optimal design, etc. All of these matters refer to specific highly computational problems with a huge design space, hence the obvious need for evolutionary algorithms and frameworks, or platforms that allow for the implementing and testing of such algorithms and methods. This paper aims to comparatively analyze the existing software platforms and state-of-the-art multi-objective optimization algorithms and make a review of what features exist and what features might be included next as further developments in such tools, from a researcher’s perspective. Additionally, it is essential for a framework to be easily extendable with new types of problems and optimization algorithms, metrics and quality indicators, genetic operators or specific solution representations and results analysis and comparison features. After presenting the most relevant existing features in these types of platforms, we suggest some future steps and the developments we have been working on.

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Section: Other Specialized Optimization Existing Platformsmentioning

confidence: 99%

A Systematic Review of Multi-Objective Evolutionary Algorithms Optimization Frameworks

Pătrăușanu,

Florea,

Neghină

et al. 2024

Processes

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“…This research contributes to hub location problems, emphasizing the significance of efficient hub network design in logistics. Badakhshan and Ball [23] present a simulation-optimization model that integrates physical and financial flows in a supply chain under economic uncertainty. The study employs the Economic Value Added (EVA) index to measure supply chain financial performance, enhancing decision-making by considering financial and physical aspects.…”

Section: Literature Reviewmentioning

confidence: 99%

Advances in Online Delivery: Introducing and Optimizing a Novel Multi-Objective Function

Tunga,

Chowdhury,

Kar

et al. 2023

Preprint

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An efficient online delivery system in the dynamic landscape is a challenging task. The challenges occur due to the difficulty in generating a proper objective function that can represent theperformance of the delivery system. In this paper, we propose a novel multi-objective function that represents the utility score and time required in the delivery process. The utility score takes into consideration the number of previous orders given by a particular customer. The Time window methodology is used to achieve the two objectives. The multi-objective optimization functions are solved and compared using three multi-objective algorithms. They are Non-dominated sorting genetic algorithm-II (NSGA-II), strength Pareto evolutionary algorithm 2 (SPEA2), and indicator-based evolutionary algorithm (IBEA). The performances are compared extensively and it is found that SPEA2 gives better convergence performance. The proposed objective function minimizes the limitation of currently available methods for online delivery systems.

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“…He also proposed financial obstacles for the presented supply chain. Badakhshan and Ball [34] developed a simulation optimization for integrating physical and financial flow in a supply chain while economic uncertainty exists.…”

Section: Literature Reviewmentioning

confidence: 99%

Simulation-Based Models of Multi-Tier Financial Supply Chain Management Problem: Application in the Pharmacy Sector

Azizian,

Sepehri,

Mirzapour Al-e-Hashem

2023

Mathematics

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A crucial role in the continuation of economic activities is played by the financing of services and production in supply chains. A key element of optimizing the financial flow of these complex networks is to pay attention to the financial aspects of these complex networks since they are becoming more and more complex and expanding. This study aims to investigate the supply chain of a pharmaceutical company’s holding company and its subsidiaries while using internal resource valuation to develop a new strategy for financing the company’s operations. There is a process of money circulation through the chain, which consists of passing through two treasuries (primary and secondary), which provide liquidity to compensate the deficits of some institutions with the excess liquidity of other institutions. In this article, we present three simulation-based models based on a case study conducted at Shafa Darou Investment Company in Tehran-Iran, a leading pharmaceutical investment company in the country, to examine the impact of implementing this idea in the real world. Considering the study’s results, it has been shown that the supply chain as a whole has improved in terms of its working capital. Using a set of local treasuries is generally associated with reducing risks and a greater level of stability when relying on the excess liquidity of chain members provided that financial independence from external institutions, such as banks, is maintained. In addition, if the members’ excess liquidity is deposited in a set of local treasuries rather than a bank, the profit and internal financial flow within the chain will be circulated throughout the chain, and more added value will be generated.

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A simulation-optimization approach for integrating physical and financial flows in a supply chain under economic uncertainty

Cited by 4 publications

References 43 publications

A Systematic Review of Multi-Objective Evolutionary Algorithms Optimization Frameworks

A Systematic Review of Multi-Objective Evolutionary Algorithms Optimization Frameworks

Advances in Online Delivery: Introducing and Optimizing a Novel Multi-Objective Function

Simulation-Based Models of Multi-Tier Financial Supply Chain Management Problem: Application in the Pharmacy Sector

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