- May 14, 2023
- Posted by: admin
- Category: Abstract of 3rd-supplychainconf
Proceedings of The 3rd International Conference on Advanced Research in Supply Chain Management
Supplier Share Implementation Using Genetic Algorithm-Based Smart Subset Selection
Devvrata Priyadarshi, Harshal Deore, Neha Sri Nagula
Optimal suppliers share allocation is often considered a strategic function to enable companies to minimize the risks involved in both upstream and downstream of the supply chain. As a result, supplier selection and efficient order allocation are considered important metrics. Nowadays, supplier selection involves many distinct and frequently conflicting goals. Increased stakeholder pressure has compelled enterprises to seek methodologies that will assist them in making accurate supplier selection decisions. Recent studies have shown that data-driven approaches outperform traditional methods in evaluating supplier performance and share allocation. This study proposes a supplier selection and order allocation approach that enables efficient supplier selection from a given subset considering the suppliers’ target share. In this approach, all the participating suppliers’ target share is pre-decided, and the order allocation is performed with the help of an advanced genetic algorithm to achieve the optimal order distribution with the minimum error possible.
keywords: Supplier selection, Order allocation, Genetic Algorithm, Subset selection