Optimisation on multi-period raw material procurement and product mixing under uncertain demand via probabilistic multi-objective model approach

Intelligent Application of Raw Material Supply Chain Planning System Based on Genetic Algorithm

“…According to the future price fluctuations of raw materials, a multistage procurement model with the goal of minimizing total cost is established to solve the optimal purchase volume of each stage. Sutrisno [4] proposed that raw material sourcing and product mixing planning are two important components of the manufacturer's industry, based on their significant contribution to production costs and profits. It describes a newly developed mathematical model in the form of multiobjective optimization as an alternative method that may be used to improve multi-period raw material procurement and product mixing planning under uncertain demand.…”