A new multi-objective model for supplier selection

In an order allocation model, selected evaluation criteria in most of the available papers are price, quality and delay in fulfilling the order. In most previous works done in this field the model has been composed of three objective functions that focus just on the mentioned criteria. But in recent years the concept of security risk has been brought up especially in category of strategy security. This kind of risk can adversely affect the entry flow of each one of the inflow sources to the organisation (including materials or services, manpower and …). The aim of the present work is to offer an approach for the purpose of optimising all purposes such as security risk in the form of independent targets. For an efficient search through the solution space we use a multi‐objective genetic algorithm which allows us to identify a set of Pareto optimal solutions providing the decision maker with the complete spectrum of optimal solutions with respect to the various targets. Based on this information, the decision maker can select the best compromise among these objectives, without a priori introducing arbitrary weights. Finally, a real case study from Emerson Company is presented to display the efficiency of the proposed model.