Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic Algorithm
Supplier selection is the practice of evaluating and selecting the best or most suitable supplier for the organization based on the candidates' qualities and qualifications. In large construction projects, supplier selection strongly impacts the quality of materials as well as the cash-flow and...
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| Format: | Article |
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REA Press
2022-06-01
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| Series: | Big Data and Computing Visions |
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| Online Access: | https://www.bidacv.com/article_150781_669645c7e9d1d3df6600227bcb17b9c2.pdf |
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| author | Seyyed Esmaeil Najafi Soheil Salahshour Bijan Rahmani Parchikolaei |
| author_facet | Seyyed Esmaeil Najafi Soheil Salahshour Bijan Rahmani Parchikolaei |
| author_sort | Seyyed Esmaeil Najafi |
| collection | DOAJ |
| description | Supplier selection is the practice of evaluating and selecting the best or most suitable supplier for the organization based on the candidates' qualities and qualifications. In large construction projects, supplier selection strongly impacts the quality of materials as well as the cash-flow and logistical support of the project. The issue becomes particularly important when a high number and volume of orders and a varied set of items are involved. If the procurement process is organized into several periods, the impact of Net Present Value (NPV) on the project's overall profit or loss becomes significant, as well. In this study, the solution to a multi-product multi-period supplier selection optimization problem is evaluated using a hybrid metaheuristic algorithm and considering the cash flow. Our analysis of the results shows that the algorithm is able to obtain the intended outcome within an appropriate timeframe and with high precision. |
| format | Article |
| id | doaj-art-c0bb4137fadf4010809c27552c694990 |
| institution | Kabale University |
| issn | 2783-4956 2821-014X |
| language | English |
| publishDate | 2022-06-01 |
| publisher | REA Press |
| record_format | Article |
| series | Big Data and Computing Visions |
| spelling | doaj-art-c0bb4137fadf4010809c27552c6949902025-01-30T12:21:49ZengREA PressBig Data and Computing Visions2783-49562821-014X2022-06-0122697910.22105/bdcv.2022.342616.1081150781Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic AlgorithmSeyyed Esmaeil Najafi0Soheil Salahshour1Bijan Rahmani Parchikolaei2Department of Industrial Engineering, Science and Research Branch, Islamic Azad University, Tehran, Iran.Department of Industrial Engineering, Central Tehran Branch, Islamic Azad University, Tehran, Iran.Department of Mathematic, Noor Branch, Islamic Azad University, Noor, Iran.Supplier selection is the practice of evaluating and selecting the best or most suitable supplier for the organization based on the candidates' qualities and qualifications. In large construction projects, supplier selection strongly impacts the quality of materials as well as the cash-flow and logistical support of the project. The issue becomes particularly important when a high number and volume of orders and a varied set of items are involved. If the procurement process is organized into several periods, the impact of Net Present Value (NPV) on the project's overall profit or loss becomes significant, as well. In this study, the solution to a multi-product multi-period supplier selection optimization problem is evaluated using a hybrid metaheuristic algorithm and considering the cash flow. Our analysis of the results shows that the algorithm is able to obtain the intended outcome within an appropriate timeframe and with high precision.https://www.bidacv.com/article_150781_669645c7e9d1d3df6600227bcb17b9c2.pdfoptimizationsupplier selectionmetaheuristic algorithmnet present value |
| spellingShingle | Seyyed Esmaeil Najafi Soheil Salahshour Bijan Rahmani Parchikolaei Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic Algorithm Big Data and Computing Visions optimization supplier selection metaheuristic algorithm net present value |
| title | Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic Algorithm |
| title_full | Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic Algorithm |
| title_fullStr | Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic Algorithm |
| title_full_unstemmed | Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic Algorithm |
| title_short | Optimizing Supplier Selection for a Construction Project by a Cash-Flow Approach Using a Hybrid Metaheuristic Algorithm |
| title_sort | optimizing supplier selection for a construction project by a cash flow approach using a hybrid metaheuristic algorithm |
| topic | optimization supplier selection metaheuristic algorithm net present value |
| url | https://www.bidacv.com/article_150781_669645c7e9d1d3df6600227bcb17b9c2.pdf |
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