SYSTEMS AND METHODS FOR SUPPLIER SELECTION USING ROBUST OPTIMIZATION
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United States of America Patent
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Issued Date -
Dec 25, 2014
app pub date -
Mar 19, 2014
filing date -
Jun 24, 2013
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Abandoned
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Abstract
The technique relates to a system and method for handling uncertainty in supplier selection using robust optimization. The technique involves receiving the historical data of one or more suppliers with respect to a plurality of factors from a database for selecting at least one of the one or more suppliers. After receiving the historical data, a convex hull is generated for each of the suppliers to determine a relationship between the pluralities of factors. Then adding equations which are more related to uncertainty values associated with at least one of the plurality of factors in the convex hull for each of the one or more suppliers. Thereafter, using robust optimization to determine an optimal performance level of each of the one or more suppliers with respect to the plurality of factors based on the fetched uncertainty value. Finally, selecting the suppliers based on the optimal performance level.
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