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About Supply Chain Network Simulation and Optimisation - A Review
Simulation and optimization models have become common tools for designing and managing supply chains. Simulation allows assessment of scenarios by changing single variables, like adding a warehouse. Optimization finds the best solution among billions of options to minimize costs. While powerful, these tools have limitations. Simulation only considers specified scenarios and may not reach equilibrium. Optimization may find local, not global, optima. Careful model design is needed to address issues like granularity of data and support for solver engines. Commercial off-the-shelf models offer capabilities beyond spreadsheets but custom models are also possible.
Detailed Information
| Author: | ['Kartikeya Bhadada'] |
|---|---|
| Publication Year: | 2013 |
| Pages: | 3 |
| Language: | English |
| Format: | |
| Price: | FREE |
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