Using simulation-based system dynamics and genetic algorithms to reduce the cash flow bullwhip in the supply chain

Badakhshan, Ehsan; Humphreys, Paul; Maguire, Liam; McIvor, Ronan

doi:10.1080/00207543.2020.1715505

Cited by 37 publications

(21 citation statements)

References 59 publications

(82 reference statements)

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“…This includes various operations that are essential for PFSCs to run smoothly. Researchers have noted that the working of a PFSC is considered smooth when 1) Production units using perishable products work efficiently (Dolgui et al, 2020); 2) Transportation services deliver perishable products to the next level of chain at the right cost and in good quality (Rossi et al, 2020;Gray, 2020); 3) PFSCs can fulfil customer demand and maintain a proper flow of money (Badakhshan et al, 2020). But due to COVID-19, these operations have been interrupted, resulting in disruption of PFSCs (Dmitry Ivanov, 2020;Tropics, 2020).…”

Section: Operational Factors (O)mentioning

confidence: 99%

Enhancing resiliency of perishable product supply chains in the context of the COVID-19 outbreak

Shanker

Barve

Muduli

et al. 2021

International Journal of Logistics Research and Applications

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Globally, countries are struggling to fulfil customer demands due to the effects of the COVID-19 pandemic on perishable food supply chains (PFSCs). This study aims to analyse the factors influencing PFSCs during the pandemic and improve their resiliency. This is essential as some factors discourage the productive execution of PFSCs and decrease organizational performance, thus lowering stakeholder satisfaction. This study has been conducted in two phases. The first phase, through extensive review and discussion with experts, identifies the influencing factors related to supply chain (SC) disturbances in PFSCs. In the second phase, a hybrid method i.e. g-DANP, a combination of grey-decision making trial and evaluation laboratory and analytic network process, is employed to develop a hierarchical structure to measure their influence. The proposed framework is validated with a case of the current COVID-19 outbreak. The study revealed that factors, restriction on import-export and fear of violation of social distancing guidelines, are the primary "cause" group factors; whereas, price variation of perishable products and panic buying and stockpiling are the crucial "effect" group factors affecting the PFSCs. The findings also enrich existing literature by providing analytical support to relationships between various factors affecting PFSCs during the pandemic. The results of this study can be utilised by decision-makers to anticipate the operative and long-haul effects of COVID-19 on PFSCs and create plans to deal with the pandemic.

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Section: Operational Factors (O)mentioning

confidence: 99%

Enhancing resiliency of perishable product supply chains in the context of the COVID-19 outbreak

Shanker

Barve

Muduli

et al. 2021

International Journal of Logistics Research and Applications

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“…O'donnell et al (2006) show that the bullwhip effect can be reduced significantly by applying GAs. In a recent study, Badakhshan et al (2020) present a multi-objective GA framework to minimise the bullwhip effect, the cash flow bullwhip as well as the overall supply chain costs.…”

Section: Artificial Intelligence In Supply Chain Inventory Managementmentioning

confidence: 99%

Artificial intelligence-based inventory management: a Monte Carlo tree search approach

Preil

Krapp

2021

Ann Oper Res

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The coordination of order policies constitutes a great challenge in supply chain inventory management as various stochastic factors increase its complexity. Therefore, analytical approaches to determine a policy that minimises overall inventory costs are only suitable to a limited extent. In contrast, we adopt a heuristic approach, from the domain of artificial intelligence (AI), namely, Monte Carlo tree search (MCTS). To the best of our knowledge, MCTS has neither been applied to supply chain inventory management before nor is it yet widely disseminated in other branches of operations research. We develop an offline model as well as an online model which bases decisions on real-time data. For demonstration purposes, we consider a supply chain structure similar to the classical beer game with four actors and both stochastic demand and lead times. We demonstrate that both the offline and the online MCTS models perform better than other previously adopted AI-based approaches. Furthermore, we provide evidence that a dynamic order policy determined by MCTS eliminates the bullwhip effect.

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“…Financial logistics, as part of the logistics approach to management, has been considered for a long time. In particular, in the classical theory of logistics, finance is part of the overall system of material flow management (Badakhshan et al, 2020;Sana et al, 2018). However, in some contemporary studies, financial logistics is considered as a specific system of financial flow management, which is not always associated with the movement of material resources, namely, within consolidated groups of enterprises (Mandra, 2018) and so on.…”

Section: Company's Financial Management and Financial Logisticsmentioning

confidence: 99%

“…This approach is to synchronizing material and financial flow, but it is does not sufficiently detail the dynamics of the financial flow. The supply chain management and cash conversion cycle are the objects of generic material stock and flow model for a member (Badakhshan et al, 2020). They show the bullwhip effect for cash flow, but not fully address the other part of the financial flow.…”

Section: Introductionmentioning

confidence: 99%

Company Financial Flow Modelling by System Dynamics Methodology

Zherlitsyn

Galaieva

Mandra³

2021

International Scientific Conference „Contemporary Issues in Business, Management and Economics Engineering"

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Purpose – the purpose of the article is to develop a conceptual model of the company’s financial logistics based on the system dynamics principles. Research methodology – the article is based on the system analysis and system dynamics methods to define, classify and simulate a company financial flow. Findings – the definition of financial logistics for a business system has been defined. The authors make a classification of the company’s financial flow by the main economic activities and time series factors. Research limitations – commercial data, used for the practical implementation of the model, are confidential and cannot be disclosed. Practical implications – the model is implemented by transformation of a system dynamic flow graph into VENSIM programs. It may estimate the stationary trajectory financial flow and short-term and long-term gaps. Originality/Value – the conceptual model of the company’s financial logistics is determined based on the system dynam-ics principles. The model includes the advantages of the financial management methods and contemporary econometric analysis instruments based on a system dynamics.

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Using simulation-based system dynamics and genetic algorithms to reduce the cash flow bullwhip in the supply chain

Cited by 37 publications

References 59 publications

Enhancing resiliency of perishable product supply chains in the context of the COVID-19 outbreak

Enhancing resiliency of perishable product supply chains in the context of the COVID-19 outbreak

Artificial intelligence-based inventory management: a Monte Carlo tree search approach

Company Financial Flow Modelling by System Dynamics Methodology

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