Global optimization focus on finding and compare the performance and important functions. Companies today can use global optimization to expand their business operations around the world. This paper discuss the important aspect of Global Optimization and the challenges. Global optimization is the task of finding the absolutely best set of admissible conditions to achieve an objective under given constraints, assuming that both are formulated in mathematical terms. During this literature review I’ve will integrate a biblical knowledge to the paper , and how they will be compared to the Lord.
These topics will be will be discussed at the end of the literature, before the conclusion.
Global optimization is vital for every company how want to be a players in the globalization. Global optimization Production-planning plays a significant role in the global optimization of a supply chain (Guo & Tang, 2009). The Purpose of Global optimization is to solve problems and achieve global solution of a constrained optimization model.
Applying Global optimization for business can help to develop goal and strategies that le to systematic improvement. There are many different aspects of Global Optimization that can be applied to any organization. These different aspects will be discussed further in the literature review. Businesses can use this data and information to strengthen their competitive advantages in their industries.
Global optimization is a value tool and the main reason to incentive change. The globalization led to improvement of the supply chain which includes movement of goods, services, and information. Optimization is a critical task for manufacturing companies” (Besheli et al, 2017). Is consider the problem of finding a global solution .According to Szymonik The social, economic, legal and political factors of globalization increase the complicatedness in managing the logistics and supply chain (Szymonik, 2014. Innovation is introducing new technologies and changes, to integrate planning distribution, and control. This paper reviews literature on global optimized operations in business.
Global Optimization in Supply chain
Global Optimization is to solve problems that minimize or maximize the objective function value while satisfying the constraints. According to Fjermestad “the true value of these analytic endeavors do not lie solely in the production of numeric or visual results, but the application of analytics results to solve business problems” (Fjermestad p. 77 2018).
In Global Optimization it is critical to use analytics in the correct forms of data and resources. However leadership also play and essential a key factors in global optimization for organizations in today’s business environment. The powerful aspect of Leadership in implanting Global Optimization is the fact that it can change the whole outlook of an organization which will guide their judgment. Leadership is a key elements for an company that can drive with effectiveness the tasks to accomplish the goals inside or outside of the organization. Leadership was an action performed among and with people. Barna (1997) that means leaders are important for to performance change. Managers need to consider various aspects such as the impact of exchange rate fluctuations and transfer prices.
Considering the challenges faced by the global businesses (Radhakrishnan & Prassad, 2009) While the availability of information can contribute to a manager’s decision making process, many managers need simple but robust global optimization for solving the problems that are fundamental to their daily work. The contemporary globalized business environment demands not just incremental improvements but periodic transformation ( Kallol Kumar Basu 2016)That’s means if the leader cannot fill the expectation the mission will be incomplete. In Daniel 2:21 says “He changes times and seasons; he removes kings and sets up kings; he gives wisdom to the wise and knowledge to those who have understanding.” That means, the word is constantly changing I knowledge is important to be well prepare. According to Dieter Thom; “The need for managerial leadership is evident” ( Dieter Thom 2014)Is clear that leadership and decision are an important aspect of global optimization, that can also impact the prices or the product and the operational cost. But these decisions are more complex if the firm expands globally.
Types of Global Optimization
Differential Evolution was developed to be a reliable and versatile global optimizer for functions of many variables that is also easy to use ( Andrew D Ukhov,2016 ) Global Optimization was developed to be a reliable and versatile for functions of many variables that is also easy to use to advances in information technology. Lei points out that; The competitive edge of a company over its competitors depends a great deal on its ability to handle multiple challenges to rein in cost, enhance product quality and offer superior customer service (Lei, 2007).
Global Optimization problems can be categorized in several categories depending on the characteristics of problem. These are the Global optimization Methods:
- Exacts methods- Dimension model that develop exact statics
- Search Methods- determination solution that can be applied to both discrete and continuous optimization.
- Enumerative- Enumeration of all alternatives
- Relaxation Strategy- Problem is replaced by a sequence or sub-problems that are easier to solve.
But there is not a single fixed method, which solves any global optimization problem efficiently and effectively. Because global optimization problems is complex and they can have many different characteristics. Global optimization techniques are applied depending on the characteristics of problem and based on different constraints. Therefore problems usually involve simultaneously optimizing more than one single consideration.
Global Optimization in Supply chain
Global Optimization in supply chain is a phase that begins and with innovation, products, data and time. Supply chain seek to improve control and efficiency in the manufacturing and distribution, by building strong relationships with suppliers and distributors, as a method to enhance the competitiveness (Najjar, 2010). Wong and Wong (2007) defined Supply Chain as the efficiency which includes diverse performance measurements related to the Supply Chain members, also the coordination and integration of the performances of those associates. Beamon (1998),define a Supply Chain as “a structured manufacturing process wherein raw materials are transformed into finished goods, then delivered to end customers”.
After investigating the relation between Global optimization in supply chain. I’ve have identify the competitive advantage in the global marketplace and a primary reasons why practitioners are spending time in exploring the subject of global supply chain management. The competition in the market is driven by technological advancements, venture capital, globalization of demand and supply and advances in information technology. In supply chain, global optimization will also contribute to the Just in time concept that is focuses on the time a product move through one destination to another which has allowed companies to do a mass production with providing high quality products in less time. However approaches such as Just-in-Time which emphasizes on optimizing inventory which helps in reducing the cost of the supply chain. Time and quality competition also facilitates the company to eliminate waste in the form of materials, time, defective units and inventory in manufacturing.
Another element of Global Optimization in the global supply chain is the increase in information sharing, intelligence, and expertise which has become a source of competitive advantage for the companies. According to Ayers (2001), “supply chain is knowledge movement that includes all activities related to the back flow of product from customers back up to the chain in the form of product return, reuse, and recycling. According to Muhammad Shafiq, Logistic is a part of supply chain management use to plan, implement and control the efficient, effective forward and reverse flow to storage goods (Muhammad Shafiq 2019). Increasing competition due to market globalization, product diversity and technological breakthroughs stimulates independent firms to collaborate in a supply chain that allows them to gain mutual benefits (Simatupang, Wright, & Sridharan, 2002)
Supply Chain, chain production and distribution decision are based on long term forecast (Simchi-Levi, Kaminsky, and Simchi-Levi 2008 p 188). Contractual relationships between client and vendor organizations, with efficient management of the contract plays a vital role in the success of the outsourcing project (Khan & Khan, 2014).
Global Optimization in Leadership
- Improving the managing leadership skills will is essential to be successful and empowered the supervisor to help others to be successful.
- Understanding that leaders leader efficacy, transformational leadership, team efficacy, team goals, team processes, and team performance.
Cite this essay
Optimization of Business Under Globalization. (2019, Dec 10). Retrieved from https://studymoose.com/optimization-of-business-under-globalization-essay