Your company may have a need to ship bulk cargo—a large quantity of an item that is unpackaged, typically in liquid or granular form. It may be a one-time thing, or it may be something you do on a daily or weekly basis. No matter the frequency of your shipping needs, it’s important to know the best way to ship your bulk cargo so that you can ensure timely delivery while keeping your cargo intact. Continue reading
Fleet management is becoming more and more important in businesses, particularly as businesses look to find more ways to save money. Continue reading
If you are looking for a reliable and trustworthy company who can help you import products from China, then you can get to choose from a huge list of companies. Look for a reliable and trustworthy agent who has huge years of experience, excellent professionalism to ensure you with safe and smooth shipping process. One of the best ways to run a business smoothly is with the help of a china sourcing agent. To put it simply, most of the business entrepreneurs rely on this kind of agent to get the work done. It’s mainly because hiring a sourcing agent can offer you with a lot of benefits. Now, keep reading this post to learn a lot more. Continue reading
For many businesses their biggest investment will be a fleet of vehicles, and the upkeep on this can be both expensive and complex. When you own and regularly use a fleet of vehicles for business you will have to consider vehicle financing, tracking and diagnostics, driver management, fuel management, health and safety and vehicle maintenance amongst other functions. As you can see this can cause a real headache if there is not a proper system in place to manage every aspect of your fleet. Seeing as this is such a large part of your operation and key to your success, it means that it is essential that you look for ways to ensure the smooth running of your entire fleet of vehicles. Continue reading
Purchasing is among the most important activities in supply chain management, since it is the primary point of contact with most supply-chain partners. A major area in purchasing management is that of Supplier Selection Problem (sometimes called the Vendor Selection Problem). Research in this domain started in the early 1960s and over 175 studies have attempted to address this highly critical issue of procurement management. “Vendor selection criteria and methods” have reportedly been the highest area of interest in operations management research.
A wide variety of selection criteria have been used in different studies for the evaluation of suppliers which have varied due to the differences in requirements in different industries and also often had been purely firm specific. Typically the variety of supplier selection criteria that has been used has exceeded 50 criteria in over 65 research papers working on finding new criteria for evaluation of suppliers. These criteria have been enlisted in the matrix shown below.
Some of the most popular criteria in supplier selection which has been used in over 10 research papers and have also been widely cited are relative price, compliance with the delivery schedule, quality of the delivered goods to specifications, production capabilities of the supplier, geographic distance (of the warehouse), technical capability of the supplier, management capability of the supplier and financial position of the supplier. All these supplier evaluation criteria have found massive application in the studies in this domain and are marked by subtle differences in terms of relative importance, as perceived by senior procurement practitioners.
Similarly another area of keen interest is the models which has been used to provide decision support to the supplier selection problem. Over 35 different mathematical models have been used for providing decision support to this extremely critical issue of procurement management. A study by Ho, Xu and Dey (2010) reveals that the Analytic Hierarchy Process, Mathematical Programming and Data Envelopment Analysis are the top 3 modeling paradigms used to provide decision support in supplier selection problems. Many other novel techniques like multi-attribute-deterministic models; mixed mathematical programming, outranking techniques; weighted sum of products; interpretive structural modeling; fuzzy set theory, neural networks; intelligent agent based techniques; TOPSIS, fuzzy multi-attribute frameworks; rule based reasoning models and multi-objective programming models have also been used. Typically the evolution of supplier selection models have been as described pictorially below, due to the evolution of the nature of selection criteria, from quantitative to a mix of quantitative and qualitative criteria.
As the trend highlights, there is a paradigm shift in the nature of the mathematical models used for supplier selection with a change in the requirements in the nature of business, mostly in the manufacturing industries and the maturity of the discipline. No wonder the area has attracted so much of attention to the consulting practitioners and theory developers in academia alike.
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