Stochastic vendor selection problem: chance-constrained model and genetic algorithms

Shiwei He (), Sohail Chaudhry (), Zhonglin Lei () and Wang Baohua ()

Annals of Operations Research, 2009, vol. 168, issue 1, 169-179

Abstract: We study a vendor selection problem in which the buyer allocates an order quantity for an item among a set of suppliers such that the required aggregate quality, service, and lead time requirements are achieved at minimum cost. Some or all of these characteristics can be stochastic and hence, we treat the aggregate quality and service as uncertain. We develop a class of special chance-constrained programming models and a genetic algorithm is designed for the vendor selection problem. The solution procedure is tested on randomly generated problems and our computational experience is reported. The results demonstrate that the suggested approach could provide managers a promising way for studying the stochastic vendor selection problem. Copyright Springer Science+Business Media, LLC 2009

Keywords: Vendor selection; Chance-constrained programming; Stochastic; Genetic algorithm (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1007/s10479-008-0367-5

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