Optimization algorithm in supply chain management

Abstract

Optimization in the field of Operations Research has applications in various industries, be it medicine, business, analytics or education. Likewise Supply Chain Management (SCM) is required in every industry and with the need comes various challenges to get the optimized and best quality solution. There are stochastic, analytical models working on attaining optimization in various sub events involved in SCM. Supply Chain is a network at global level used for delivering of products and services from unprocessed materials to consumers through well-structured and planned flow of information, physical distribution and money. The process of managing this supply chain is Supply Chain Management. A major work on the previous research done using various mathematical models, be it mixed integer linear, nonlinear programming or evolutionary have been depicted in this paper. The aim is to get the best result and comparative approach is focused. This article provides a detailed study on various techniques, algorithms and mathematical models in optimization of SCM and in particular it focuses on Genetic Algorithm (GA) in SCM.