An acquisition policy for a multi-supplier system with a finite-time horizon

An acquisition policy for a multi-supplier system with a finite-time horizon

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Article ID: iaor20083070
Country: United Kingdom
Volume: 34
Issue: 9
Start Page Number: 2758
End Page Number: 2773
Publication Date: Sep 2007
Journal: Computers and Operations Research
Authors: ,
Keywords: programming: dynamic, heuristics
Abstract:

We study the problem of a manufacturer who outsources a single product to multiple capacitated suppliers. Given a pool of potential suppliers, a decision has to be made about which supplier(s) to use, and how much and how often to purchase from each selected supplier. We build an EOQ-type model with a finite-time horizon, which differs from the existing model in the literature with an infinite-time horizon. We design a dynamic programming and a scatter search algorithm to solve the problem, and provide computational results to show the effectiveness of the proposed methods.

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