OPTCHAIN
Optimal Mechanisms to Match Supply and Demand in Contemporary Supply Chains
| Coordinatore | MIDDLE EAST TECHNICAL UNIVERSITY
Organization address
address: DUMLUPINAR BULVARI 1 contact info |
| Nazionalità Coordinatore | Turkey [TR] |
| Totale costo | 100˙000 € |
| EC contributo | 100˙000 € |
| Programma | FP7-PEOPLE
Specific programme "People" implementing the Seventh Framework Programme of the European Community for research, technological development and demonstration activities (2007 to 2013) |
| Code Call | FP7-PEOPLE-2010-RG |
| Funding Scheme | MC-IRG |
| Anno di inizio | 2012 |
| Periodo (anno-mese-giorno) | 2012-02-08 - 2016-02-07 |
Partecipanti
| # | ||||
|---|---|---|---|---|
| 1 |
MIDDLE EAST TECHNICAL UNIVERSITY
Organization address
address: DUMLUPINAR BULVARI 1 contact info |
TR (ANKARA) | coordinator | 100˙000.00 |
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Obiettivo del progetto (Objective)
'Emerging production and information technologies have increased competition and consumer expectations, this leads to ever-shrinking product life cycles, volatile and unpredictable markets. In addition, natural disasters, accidents, supply disruptions increased the risk in today’s global and long supply chains. Keeping costs down and customers satisfied in a global marketplace requires companies to proactively manage supply and demand using state of art techniques, technologies and practices. This proposal describes a research program for building novel optimization models and efficient solution mechanisms that enable contemporary supply chains to optimally match demand and supply through demand management and sourcing decisions. The resulting modeling, analysis, and algorithmic development will also contribute advances in applied optimization theory and large-scale problem solving.'
Introduzione (Teaser)
The emergence of new production and information technologies have spurred competition and increased consumer demand, resulting in dwindling product life cycles and unstable markets. An EU initiative is devising solutions to effectively manage supply chains.
Descrizione progetto (Article)
Today's broad range of supply chains is increasingly put at risk. Companies need to employ emerging enabling technologies and novel methods and procedures to better manage the supply and demand of modern-day supply chains.
To help achieve this, the EU-funded OPTCHAIN (Optimal mechanisms to match supply and demand in contemporary supply chains) project is conducting research in order to develop innovative optimisation models and efficient solution mechanisms. These tools will enable supply chains to match demand and supply through demand management and sourcing decisions.
OPTCHAIN has developed algorithms to compute a fundamental and widely studied optimisation problem called the stochastic knapsack problem. The problem often arises in resource allocation where there are financial constraints. Requests for a resource such as a car may arrive randomly one-by-one and must be rejected or accepted immediately without the benefit of complete information. The objective is to determine the optimal policy for loading the 'knapsack' within a fixed time period in order to maximise the expected accumulated reward.
The project has also developed an algorithm for issues that occur during supplier-related decisions in matching supply with demand. Useful managerial implications were put forward concerning optimal sourcing strategies in complex supply chains.
Other work includes the development of a long-term supply chain optimisation research agenda.
During the next period, the project will analyse risk-averse and risk-neutral model solutions.
OPTCHAIN is developing impactful optimisation solutions to identify the complexities, gaps and challenges associated with contemporary supply chains.