Particle Swarm Intelligence: A Novel Approach to Optimizing Supply Chain Network Design

Particle Swarm Intelligence: A Novel Approach to Optimizing Supply Chain Network Design

M. K. Sharma, M. Sunil Kumar, Shabanam Khalid Shikalgar, V. Revathi, Manish Gupta, Joshuva Arockia Dhanraj
Copyright: © 2024 |Pages: 17
DOI: 10.4018/979-8-3693-3593-2.ch009
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Abstract

This comprehensive exploration delves into the integration of particle swarm intelligence (PSO) within the domain of supply chain management, emphasizing the optimization of supply chain network design. The importance of efficient supply chain network design has been underscored, with a focus on resource allocation, decision-making, and adaptability as key drivers of long-term competitiveness and sustainability. The study navigates through the fundamental components and working mechanisms of the PSO algorithm, highlighting its capacity to optimize complex solution spaces, and compares its advantages with other optimization techniques. Challenges within supply chain network design, encompassing the complexities of modern networks and factors influencing their design, have been examined.
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I. Introduction

Particle Swarm Intelligence (PSO) is a computational optimization technique inspired by the collective behavior of social organisms, such as bird flocks and fish schools. It is a versatile and powerful algorithm that has found applications in a wide range of fields, from engineering and economics to biology and logistics. PSO was first introduced in the 1990s by Dr. James Kennedy and Dr. Russell Eberhart, who drew inspiration from observations of the coordinated movements of birds within a flock. This innovative approach to optimization (Sharma, S. et al.,2023) has since gained prominence as a novel and effective method for solving complex problems.Each particle within the swarm represents a potential solution, and these particles interact with one another and their environment to converge toward the best possible solution. A wide range of potential solutions efficiently and adapt dynamically to changing conditions, making it particularly well-suited for optimization problems (Narayanan and Seshadri et al. 2018).Nevertheless, this simplicity is paired with a remarkable ability to find high-quality solutions to complex problems. PSO's effectiveness lies in its balance between exploration and exploitation: particles explore the search space to discover new, potentially better solutions while exploiting the knowledge of the best solutions found so far.

1.1 Supply Chain Management

A multifaceted discipline, encompasses the planning, execution, and control of activities that manage the flow of goods and services from their origin to final consumption. It plays a pivotal role in ensuring that products or services are efficiently delivered to customers. Within this field, several key components are crucial.The network structure of a supply chain is fundamental, often comprising a complex web of entities, including suppliers, manufacturers, distributors, retailers, and end customers. This structure's configuration varies considerably based on industry, company strategy, and the specific flow of goods or services.Effective information flow (Pramanik, S. et al., 2023) is a cornerstone, involving the exchange of timely and accurate information among partners. This is essential for informed decision-making and responsive adaptations to shifts in demand or supply. In the digital age, information technology and systems have become vital enablers of efficient operations.Logistics and transportation (Sahani, K. et al., 2023) constitute another vital aspect, involving the physical movement of goods, warehousing, inventory management, and distribution. These functions are designed to guarantee that products reach the appropriate locations at the right times, minimizing delays and maximizing cost-efficiency.Inventory management is central, striking a balance between holding inventory and the associated costs and risks of stockouts or overstocking. Effective inventory management can significantly influence a company's profitability.

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