Theoretical foundations and practical implementation of supply chain optimization a metal fabrication business model
1 Department of Mechanical Engineering, Servotech Inc, Chicago, IL, USA.
2 Department of Purchasing, TCCI, Decatur, IL, USA.
Research Article
World Journal of Advanced Engineering Technology and Sciences, 2024, 13(01), 831–844.
Article DOI: 10.30574/wjaets.2024.13.1.0480
Publication history:
Received on 29 August 2024; revised on 05 October 2024; accepted on 08 October 2024
Abstract:
In the dynamic landscape of modern business, effective management of supply chains stands as a cornerstone of organizational success and competitive edge. This study investigates the theoretical principles and practical implementations of optimization models aimed at refining supply chain operations in the metal fabrication business, giving the maximum profit. It begins with a comprehensive survey of optimization theory, encompassing linear programming, integer programming, and stochastic optimization. It proceeds to their application in addressing diverse challenges encountered in supply chain management. The discussion includes deterministic models, such as those optimizing facility location under capacity constraints and transportation logistics, alongside stochastic models designed to manage uncertainties inherent in demand forecasting and inventory control. Advanced methodologies like metaheuristic algorithms and multi-objective optimization techniques are examined for their capacity to navigate the intricate and often conflicting objectives within supply chain networks. Through comprehensive theoretical analysis and a study of the supply chain model developed for the metal fabrication business, this paper contributes to advancing knowledge in mechanical engineering and supply chain management, offering insights pertinent to practitioners and researchers alike. Ultimately, it emphasizes the critical role of optimization models in optimizing efficiency, reducing costs, improving profit margin, reducing CO2 emission, and enhancing competitiveness in modern supply chain operations.
Keywords:
Metal Fabrication Supply Chain; Supply Chain Model; Cost Reduction Strategy; Improved Profit Margin; Advanced Manufacturing Technologies.
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0