DESIGN AND OPTIMIZATION OF MATHEMATICAL MODELS FOR SUPPLY CHAIN MANAGEMENT

In today's globalised economy, supply chain management is essential to an organization's performance and ability to compete. A potent tool for analysing and improving different areas of supply chain operations is a mathematical model. This essay explores supply chain management mathematical model construction and optimisation. The creation of mathematical models is the main topic of the paper's first section. The main players in a supply chain, such as suppliers, manufacturers, distributors, retailers, and customers, are covered, along with how they are connected. Mathematical models that depict the flow of items, information, and cash within the supply chain are developed using a variety of mathematical techniques, including linear programming, integer programming, and network optimisation. Additionally, the models take lead times, transportation, and demand variations into account. The optimisation of these mathematical models is covered in detail in the second section of the work. To identify the best answers for the formulated models, optimisation approaches including heuristic algorithms, metaheuristics, and simulation-based optimisation are used. These methods are designed to cut costs, increase service levels, shorten lead times, and improve supply chain efficiency. The paper also examines how to use multi-objective optimisation to identify Pareto-optimal solutions that balance various performance measurements while balancing competing objectives. The paper also covers the difficulties that arise when using mathematical models to supply chain management. Data accessibility, model complexity, computing needs, and the dynamic nature of supply chain networks are some of these difficulties.