Using the deterministic EOQ formula in stochastic inventory control
Management Science
Note. An acquisition policy for a single item multi-supplier system
Management Science
New advances for wedding optimization and simulation
Proceedings of the 31st conference on Winter simulation: Simulation---a bridge to the future - Volume 1
Simulation Modeling and Analysis
Simulation Modeling and Analysis
A Template for Scatter Search and Path Relinking
AE '97 Selected Papers from the Third European Conference on Artificial Evolution
A Joint Location-Inventory Model
Transportation Science
Feature Article: Optimization for simulation: Theory vs. Practice
INFORMS Journal on Computing
Introduction to Stochastic Search and Optimization
Introduction to Stochastic Search and Optimization
Scatter Search: Methodology and Implementations in C
Scatter Search: Methodology and Implementations in C
Simulation in the supply chain context: a survey
Computers in Industry
Warehouse-Retailer Network Design Problem
Operations Research
Maufacturing supply chain applications 1: supply chain multi-objective simulation optimization
Proceedings of the 34th conference on Winter simulation: exploring new frontiers
Inventory lot-sizing with supplier selection
Computers and Operations Research
Simulation optimization: a review, new developments, and applications
WSC '05 Proceedings of the 37th conference on Winter simulation
A scatter search-based heuristic to locate capacitated transshipment points
Computers and Operations Research
Supplier selection and order lot sizing modeling: A review
Computers and Operations Research
Trade-offs Between Customer Service and Cost in Integrated Supply Chain Design
Manufacturing & Service Operations Management
Evolutionary algorithm for stochastic job shop scheduling with random processing time
Expert Systems with Applications: An International Journal
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In this paper, we study a generalized vendor selection problem that integrates vendor selection and inventory replenishment decisions of a firm. In addition to vendor-specific procurement and management costs, we consider inventory replenishment, holding, and backorder costs explicitly to meet stationary stochastic demand faced by the firm. Our goal is to select the best set of vendors along with the optimum inventory decisions at each plant of the firm so that we minimize the system-wide total costs and achieve desired service and reliability levels. Due to uncertainties inherent in the problem related to demand observed by the firm, quality provided by vendors, and disruptions observed by vendors, we utilize a simulation-optimization approach to solve the problem. More specifically, we build a discrete-event simulation model to evaluate the objective function of the problem that works in concert with a scatter search-based metaheuristic optimization approach to search the solution space. Computational results not only provide managerial insights and measure the significance of intangible factors in the vendor selection process but also highlight the importance of computational tools such as simulation-optimization for the vendor selection problem.