Dynamic Virtual Bats Algorithm (DVBA) for Minimization of Supply Chain Cost with Embedded Risk

Dynamic Virtual Bats Algorithm (DVBA) is a new optimization algorithm, which is tested on several benchmark functions for global optimization. However it has not been tested on a real world problem yet. In this paper DVBA has been applied to minimize the supply chain cost with other well known algorithms, Particle Swarm Optimization (PSO), Bat Algorithm (BA), Genetic Algorithm (GA) and Tabu Search (TS). Optimization of supply chain is considered as a real challenge by researchers because of its complexity. Big number of parameters to be controlled and their distributions, interconnections between parameters and dynamism are the main factors that increase the complexity of a supply chain. The result of the case study showed that the DVBA is much superior to other algorithms in terms of accuracy and efficiency.