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Ramanathan, Hareesh N.
- A Study on Optimizing Transportation Cost - An Application of Vogels Approximation Method
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1 Department of Management Studies, TOC H Institute of Science & Technology, Arakkunnam, Ernakulam, Kerala, IN
1 Department of Management Studies, TOC H Institute of Science & Technology, Arakkunnam, Ernakulam, Kerala, IN
Source
Journal of Supply Chain Management Systems, Vol 2, No 4 (2013), Pagination: 13-19Abstract
There is a growing trend of eroding business profits among manufacturing firms owing to higher cost of materials and services, and constant shutdown of factory. Profit and profitability are most often used as index for measuring performance. Pricing of a product is affected by many factors; one of them being the transportation cost. Nevertheless, because of the increasing fuel price, transportation cost is also increasing day by day. This study examines the benefits of following the optimum method of transportation with the help of a case study. The study found out that if the company is adopting a systematic transportation model on the basis of the Vogel’s Approximation Method, there will be considerable saving in the transportation cost which will improve the profitability. Reduction in transportation cost will help the company to consider reducing the price of their product which in turn will help them to compete successfully and improve their sales. This would particularly serve beneficial to companies with mounting excess stock.Keywords
Vogel’s Approximation, Optimization,Transportation Model
- Cost Optimisation through Modified Vogel’s Approximation Method for Unbalanced Transportation Problem
Abstract Views :185 |
PDF Views:0
Authors
Affiliations
1 Department of Management Studies, Toc H Institute of Science & Technology, Kerala, IN
2 Toc H Institute of Science & Technology, Arakkunnam, Ernakulam, Kerala, IN
1 Department of Management Studies, Toc H Institute of Science & Technology, Kerala, IN
2 Toc H Institute of Science & Technology, Arakkunnam, Ernakulam, Kerala, IN
Source
Journal of Supply Chain Management Systems, Vol 6, No 3 (2017), Pagination: 17-24Abstract
For any manufacturing firm, transportation cost could be a considerable part of the logistics cost. This along with the mounting fuel cost is ultimately passed on to the customers. With rising competition, firms are forced to find out methods of optimising the transportation cost thereby reducing the total cost. There are many methods available in solving a transportation method. However, the traditional Vogel’s approximation method has many drawbacks when dealing with situations where the supply and demand are unbalanced. This study examines the effectiveness of using the modified Vogel’s method when compared to the traditional approach with the help of a case study. The study found that the use of the proposed method will bring in considerable cost reduction in transportation thereby increasing the profitability of the firm. Moreover the proposed method is easy to implement and will be highly beneficial for the decision makers.Keywords
Transportation Problem, Vogel’s Approximation Method, Initial Solution, Modified VAM.References
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