Solving stochastic programming models in supply chain design using sampling heuristics

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Abstract

We consider a supply chain design problem to provide new ways to buffer the effect of demand uncertainty when designing supply chains. The problem is formulated as a two-stage stochastic programming with fixed recourse. A special sampling procedure based on uniform experiment designs provides superior quality approximate solutions for a simple supply chain structure when demands are correlated.

Original languageEnglish (US)
Pages (from-to)65-77
Number of pages13
JournalIMA Journal of Management Mathematics
Volume22
Issue number1
DOIs
Publication statusPublished - Jan 1 2011

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All Science Journal Classification (ASJC) codes

  • Management Information Systems
  • Modeling and Simulation
  • Economics, Econometrics and Finance(all)
  • Strategy and Management
  • Management Science and Operations Research
  • Applied Mathematics

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