Optimization Model - Logistics - Minimize Transportation Cost - Part 3
#Optimization #Logistics #MinimizeCost
Optimization models for decision making is very important on #business point of view, primary objective of any business is to maximize profit and minimize cost. Optimization models and methods are effective and help businesses to achieve their objectives. Supply Chain optimisation can be implemented using this tool.
Logistics plays a vital role in distributing products to end customers. Transportation cost is one of the major expenses which any company has to bear while distributing / delivering their products from their factory to customer. Every company has different levels of distribution networks which may include regional warehouses, divisional warehouses, local warehouses, distributors, dealers, retail stores before reaching end customer to ensure availability of products all time to customers to avoid loss of opportunity in selling their products. In Logistics it is also important to reduce the cost of distribution considering all constraints and achieving minimum cost to the company. Applying optimization techniques in logistics will surely helps the company to minimize their cost with available resources.
This Video shows how to Minimize transportation cost in logistics using linear programming through #ExcelSolver.
00:00 Brief on Optimization Model - Logistics - Minimize Transportation Cost - Part 1 & 2
01:25 Deciding on variables and constraints
02:55 Building Optimization Model
06:27 Opportunity to reduce transportation cost further
07:15 Conclusion
Optimization Model - Logistics - Minimize Transportation Cost - Part 1 - • Optimization Model - Logistics - Mini...
Optimization Model - Logistics - Minimize Transportation Cost - Part 2 - • Optimization Model - Logistics - Mini...
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