Modeling and Optimization of Traditional Supplier Selection

Abstract

Extensive literature review shows that supplier selection, the indispensible part of any business, is highly influenced by commodity strategy, economic tender quantity, process, and product characteristics. Today, more and more companies are adopting proactive buying process to sustain in cutthroat competition. To justify such transition, an attempt has been made in this chapter to depict some of the essential characteristics of supplier selection process. This chapter depicts various mathematical models to select and evaluate suppliers in deterministic and in fuzzy environment. Mathematical models are developed with fuzzy analytic hierarchy process (FAHP), fuzzy TOPSIS, and multi-objective genetic algorithm.