An Integrated Operational-Financial Approach to Optimal Design of a Four-echelon Supply Chain

Traditionally, most of the previous studies on supply chain planning have been done to seek cost minimization. Recently, researchers have extended their studies to support the company profitability and to create value for the shareholders. In this study, in order to address an SCND problem, a mixed-integer nonlinear programming (MINLP) model developed that considers operational and financial decisions simultaneously for designing a deterministic multi-echelon, multi-product, and multi-period supply chain network. The model provides the possibility of opening or closing facilities to adapt to market fluctuations. The model also considers bank loans, new capital from shareholders and liability repayment as decision variables, therefore, it provides an accounts payable policy for the company managers. In addition to common operational objectives and constraints, we also applied the economic value added (EVA) index to measure the financial performance of supply chain and lower and/or upper limit value for financial ratios to ensure the company's financial health, while making decisions at strategic and tactical levels. To show the model applicability, data of a case study in the literature employed and solved in GAMS software. The results obtained from the developed mathematical model indicate an improvement in the total value created for the company compared to the base model, so it can be applied as an effective decision tool by supply chain managers.

کلیدواژه ها:

Supply chain network design ، Supply chain optimization ، Mathematical programming ، Economic value added