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What is Approximate Algorithm

Chapter 68
Encyclopedia of Business Analytics and Optimization
In Operations Research, formal procedures employed to find near-optimal solutions for complex optimization problems.
Published in Chapter:
Designing Supply Chains Using Optimization
Jairo R. Montoya-Torres (Universidad de La Sabana, Colombia and University of Leeds, UK)
Copyright: © 2014 |Pages: 11
DOI: 10.4018/978-1-4666-5202-6.ch068
Abstract
Part of the planning process in supply chain management consists of finding the best possible configuration, including the definition of product flow from plants to clients (markets) via a set of warehouses. Defining the location of such warehouses is also part of the decision-making problem. This problem is known in the literature as the two-echelon uncapacitated facility location problem (TUFLP) and is known to be NP-hard. This chapter aims at solving this problem using optimization methods baesd on approximate algorithms. Their performance is analyzed using well-known date sets from the academic literature.
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Chapter 135
Mathematical Model for Designing Supply Chains
A solution procedure (algorithm) that gives a solution to a given problem that is close to optimum. In general, computational time of approximate algorithm is lower than exact solution procedures.
Published in Chapter: Mathematical Model for Designing Supply Chains; From: Encyclopedia of Business Analytics and Optimization
Full Text Chapter Download: US $37.50 Add to Cart
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