An Optimization Model for Designing a Supply Chain Network with a Value-Based Management Approach
Subject Areas : Financial and Economic ModellingNima Hamta 1 , Abbas Biglar 2 , Mahdi Molana 3
1 - Department of Industrial Engineering, Arak University of Technology
2 - Department of Industrial Engineering, North Tehran branch, Islamic Azad University, Tehran, Iran
3 - Engineering Manager, Manian Khodro Co., Tehran, Iran
Keywords:
Abstract :
[1] Lambert, Douglas M., and Renan Burduroglu, Measuring and selling the value of logistics, The International Journal of Logistics Management, 2000, 11(1), P. 1-18. Doi: 10.1108/09574090010806038
[2] Ghasemiasl R, Taheri MA, Molana M, Raoufi N. Experimental investigation of thermal performance of the graphene oxide–coated plates, Heat Transfer—Asian Research, 2020 Jan, 49(1), P. 519-32.
[3] Keshavarzfard R., Zamani B., A Sustainable Competitive Supply Chain Design Considering Uncertainty of Demand (Case Study in the Battery Manufacturing Industry), Advances in Industrial Engineering, 2022 Apr 1, 56(2), P. 115-38. Doi: 10.22059/AIE.2022.337809.1822
[4] Zanjirani Farahani, R., Rezapour, Sh., Drezner, T., Fallah., S., Competitive supply chain network design: An overview of classifications, models, solution techniques and applications, Omega , 2014, 45, P. 92-118. Doi: 10.1016/j.omega.2013.08.006
[5] Longinidis, P., Georgiadis, MC., Integration of financial statement analysis in the optimal design of supply chain networks under demand uncertainty. International journal of production economics, 2011, 129(2), P.262-76. Doi: 10.1016/j.ijpe.2010.10.018
[6] Longinidis, Pantelis, and Michael C. Georgiadis., Integration of sale and leaseback in the optimal design of supply chain networks, Omega, 2014, 47, P. 73-89. Doi: 10.1016/j.omega.2013.08.004
[7] Molana M., Ghasemiasl R., Armaghani T., A different look at the effect of temperature on the nanofluids thermal conductivity: Focus on the experimental-based models, Journal of Thermal Analysis and Calorimetry, 2022, 147(7), P. 4553-77. Doi: 10.1007/s10973-021-10836-w
[8] Biglar A, Hamta N. Developing a Value-based Optimization Model for Designing a Multi-echelon Supply Chain Network, Iranian Journal of Operations Research, 2021, 12(2), P.108-29.
[9] Asadi A., Molana M., Ghasemiasl R, Armaghani T., Pop MI, Saffari Pour M., A new thermal conductivity model and two-phase mixed convection of cuo–water nanofluids in a novel I-shaped porous cavity heated by oriented triangular hot block. Nanomaterials, 2020, 10(11), P.2219. Doi: 10.3390/nano10112219
[10] Ghasemiasl R., Molana M., Armaghani T., Saffari Pour M., The Effects of Hot Blocks Geometry and Particle Migration on Heat Transfer and Entropy Generation of a Novel I-Shaped Porous Enclosure, Sustainability, 2021 Jun 26, 13(13), P. 7190. Doi: 10.3390/su13137190
[11] Esmaeeli H., Aleahmad M., Bottleneck detection in job shop production by high-level Petri nets. In2019 15th Iran International Industrial Engineering Conference (IIIEC), 2019 Jan 23, P. 178-183.
[12] Ramezani, M., Kimiagari, AM., Karimi, B., Closed-loop supply chain network design: A financial approach. Applied Mathematical Modelling. 2014 Aug 1, 38(15-16), P. 4099-119. Doi: 10.1016/j.apm.2014.02.004.
[13] Moussawi-Haidar, Lama, and Mohamad Y. Jaber. A joint model for cash and inventory management for a retailer under delay in payments, Computers & Industrial Engineering, 66(4), 2013, P. 758-767.
[14] Badri, H.; Ghomi, S.F.; Hejazi, T. A two-stage stochastic programming model for value-based supply chain network design, Scientia Iranica, 2016(23), P. 348–360. Doi: 10.24200/SCI.2016.3839
[15] Mohammadi, A., Abbasi, A., Alimohammadlou, M., Eghtesadifard, M., Khalifeh, M., Optimal design of a multi-echelon supply chain in a system thinking framework: An integrated financial-operational approach. Computers & Industrial Engineering. 2017 Dec 1, 114, P. 297-315. Doi: 10.1016/j.cie.2017.10.019.
[16] Saberi, S., Cruz, JM., Sarkis, J., Nagurney, A., A competitive multiperiod supply chain network model with freight carriers and green technology investment option, European Journal of Operational Research, 2018 May 1, 266(3), P.934-49. Doi: 10.1016/j.ejor.2017.10.043.
[17] Steinrücke, M., Albrecht, W., Integrated supply chain network planning and financial planning respecting the imperfection of the capital market. Journal of Business Economics. 2018, 88(6), P.799-825.
Doi: 10.1007/s11573-017-0883-3.
[18] Alavi, Seyyed Hossein, and Armin Jabbarzadeh., Supply chain network design using trade credit and bank credit: A robust optimization model with real world application, Computers & Industrial Engineering,2018, 125, P. 69-86. Doi: 10.1016/j.cie.2018.08.005
[19] Yousefi, Atieh., and Mir Saman Pishvaee., A fuzzy optimization approach to integration of physical and financial flows in a global supply chain under exchange rate uncertainty, International Journal of Fuzzy Systems, 20(8), 2018: P. 2415-2439. Doi: 10.1007/s40815-018-0511-6
[20] Polo. A., Peña, N., Muñoz D., Cañón A., Escobar JW., Robust design of a closed-loop supply chain under uncertainty conditions integrating financial criteria. Omega, 2019, 88, P.110-32.
Doi: 10.1016/j.omega.2018.09.003.
[21] Paz, JC., Escobar, JW., An optimisation framework of a global supply chain considering transfer pricing for a Colombian multinational company. International Journal of Industrial and Systems Engineering. 2019, 33(4), P.435-49. Doi: 10.1504/IJISE.2019.104273.
[22] Wang, M., Huang, H., The design of a flexible capital-constrained global supply chain by integrating operational and financial strategies. Omega. 2019 Oct 1, 88, P.40-62. Doi: 10.1016/j.omega.2018.11.016.
[23] Kees, M. Celeste, J. Alberto Bandoni, and M. Susana Moreno., An optimization model for managing the drug logistics process in a public hospital supply chain integrating physical and economic flows, Industrial & Engineering Chemistry Research, 2019, 58(9), P. 3767-3781. Doi: 10.1021/acs.iecr.8b03968
[24] Zhang, Rongyao, and Kan Wang., A multi-echelon global supply chain network design based on transfer-pricing strategy, Journal of Industrial Integration and Management, 4(1), 2019: 1850020.
[25] Brahm, Amira, A. Hadj-Alouane, and Sami Sboui., Dynamic and reactive optimization of physical and financial flows in the supply chain, International Journal of Industrial Engineering Computations, 11(1), 2020, P. 83-106. Doi: 10.5267/j.ijiec.2019.6.003
[26] Yazdimoghaddam, J., A model for financial supply chain management with two different financial approaches. Journal of Modelling in Management. 2020, 16(4), P. 1096-1115. Doi: 10.1108/JM2-04-2020-0110.
[27] Goli, A., Zare HK., Tavakkoli‐Moghaddam, R., Sadegheih, A., Multiobjective fuzzy mathematical model for a financially constrained closed‐loop supply chain with labor employment. Computational Intelligence. 2020 Feb, 36(1), P.4-34. Doi: 10.1111/coin.12228.
[28] Wang, Y., Fei, W.,Production decisions of manufacturing and remanufacturing hybrid system considering downward substitution: A comprehensive model integrating financial operations. IEEE Access. 2020 Jul 3(8), P.124869-82. Doi: 10.1109/ACCESS.2020.3006858.
[29] Haghighatpanah, S., Davari-Ardakani, H., Ghodratnama, A. A scenario-based stochastic optimization model for designing a closed-loop supply chain network considering sale and leaseback transactions, Journal of Industrial Engineering Research in Production Systems, 2020, 7(15), P. 219-239. Doi: 10.22084/ier.2020.17234.1791.
[30] Mohammadi, A., Alemtabri, A., Pishvaee, M., Zandieh, M. A multi-stage stochastic programming model for sustainable closed-loop supply chain network design with financial decisions: A case study of plastic production and recycling supply chain. Scientia Iranica, 2020,27(1), P.377-395. Doi: 10.24200/sci.2019.21531.
[31] Escobar, JW., Marin, AA., Lince, JD., Multi-objective mathematical model for the redesign of supply chains considering financial criteria optimisation and scenarios. International Journal of Mathematics in Operational Research. 2020, 16(2), P.238-56. Doi: 10.1504/IJMOR.2020.105903.
[32] Yousefi, A., M. S. Pishvaee, and E. Teimoury., Adjusting the credit sales using CVaR-based robust possibilistic programming approach, Iranian Journal of Fuzzy Systems, 18(1), 2021, P. 117-136.
[33] Tsao, YC., Muthi’ah, AD., Vu TL., Arvitrida NI., Supply chain network design under advance-cash-credit payment. Annals of Operations Research. 2021 Aug 11, P.1-22. Doi: 10.1145/3335550.3335575.
[34] Badakhshan E, Ball P., A Simulation-Optimization Approach for Integrating Physical and Financial Flows in a Supply Chain Under Economic Uncertainty. Available at SSRN 4069619. Doi: 10.2139/ssrn.4069619
[35] Izadikhah, M., Financial Assessment of Banks and Financial Institutes in Stock Exchange by Means of an Enhanced Two stage DEA Model. Advances in Mathematical Finance and Applications, 2021, 6(2), P. 207-232. Doi: 10.22034/amfa.2020.1910507.1491
[36] Saeidi Aghdam, M., Alam Tabriz, A., Bahiraie, A., Sadeghi, A. (2021). 'Modelling Crowdfunding Ensemble Learning Prediction', Advances in Mathematical Finance and Applications, 6(3), P. 408-423.
Doi: 10.22034/amfa.2020.1905837.1467
[37] Rezaei H, Bostel N, Hovelaque V, Péton O. A finance driven supply chain network design model. InMOSIM 2020: 13th International Conference on Modeling, Optimization and Simulation 2020 Nov 12.
[38] Goli A, Kianfar K., Mathematical Modeling and Fuzzy ɛ-constraint Method for Closed-loop Mask Supply Chain Design, Sharif Journal of Industrial Engineering & Management, 2022 (Articles in Press).
[39] Izadikhah, M., Improving the Banks Shareholder Long Term Values by Using Data Envelopment Analysis Model. Advances in Mathematical Finance and Applications, 2018, 3(2), P. 27-41.
Doi: 10.22034/amfa.2018.540829.
[40] Jin, Suk Ho, Suk Jae Jeong, and Kyung Sup Kim., A linkage model of supply chain operation and financial performance for economic sustainability of firm, Sustainability, 9(1), 2017, P. 139. Doi: 10.3390/su9010139
[41] Biglar A., Hamta N., Rad MA., A Mathematical Programming Approach to Supply Chain Network Design considering Shareholder Value Creation, Discrete Dynamics in Nature and Society, 2022.
Doi: 10.1155/2022/2072301
[42] Molana M., Wang H., A critical review on numerical study of nanorefrigerant heat transfer enhancement, Powder technology, 2020 May, 15(368), P. 18-31. Doi: 10.1016/j.powtec.2020.04.044
[43] Keshavarzfard, R., Makui, A., Tavakkoli-Moghaddam, R. et al. Optimization of imperfect economic manufacturing models with a power demand rate dependent production rate, Sādhanā, 2019, 44(206).
Doi: 10.1007/s12046-019-1171-4
[44] Blyth, Michael L., Elizabeth A. Friskey, and Alfred Rappaport., Implementing the shareholder value approach, Journal of Business Strategy, 1986, 6(3), P. 48-58. Doi: 10.1108/eb039119
[45] Brealey, R.A., Myers, S.C., Allen, F.: Principles of Corporate Finance, 10th edn. 2011.
[46] Borges A., Fontes DB., Gonçalves JF., Modeling Supply Chain Network: A Need to Incorporate Financial Considerations, InCongress of APDIO, the Portuguese Operational Research Society 2018, P. 57-72, Springer, Cham. Doi: 10.1007/978-3-030-10731-4_5
[47] Biglar, A., Hamta, N., Ahmadi Rad, M., Integration of Liability Payment and New Funding Entries in the Optimal Design of a Supply Chain Network, Advances in Mathematical Finance and Applications, 2022 Jul 1; 7(3), P. 715-40. Doi: 10.22034/AMFA.2021.1933000.1606
[48] Hamta, N., Ehsanifar, M., Babai, A., Biglar, A., Improving the Identification and prioritization of the most important risks of safety equipment in FMEA with a hybrid multiple criteria decision-making technique, Journal of applied research on industrial engineering. 2021 Nov 9, 8(Special Issue), P. 1-6.
[49] Hamta, N., Ehsanifar, M., Biglar, A., Optimization in Supply Chain Design of Assembled Products (Case study in HEPCO Company), Iranian Journal of Management Studies, 2022.
[50] Biglar, A., Hamta, N., An Optimal Design of Supply Chain Network Considering Financial Ratios, Operational Research in Engineering Sciences: Theory and Applications, 2022. Doi: 10.31181/oresta2811221961b