Product portfolio optimization based on substitution

Anna Myrodia; Alexandria Lee Trattner; Lars Hvam

doi:10.1109/IEEM.2017.8290173

Product portfolio optimization based on substitution

Anna Myrodia, Alexandria Lee Trattner, Lars Hvam

Research output: Chapter in Book/Report/Conference proceeding › Article in proceedings › Research › peer-review

Abstract

The development of production capabilities has led to proliferation of the product variety offered to the customer. Yet this fact does not directly imply increase of manufacturers' profitability, nor customers' satisfaction. Consequently, recent research focuses on portfolio optimization through substitution and standardization techniques. However when re-defining the strategic market decisions are characterized by uncertainty due to several parameters. In this study, by using a GAMS optimization model we present a method for supporting strategic decisions on substitution, by quantifying the impact of those parameters. Empirical evidence supplements the research, where a case study from an industry company producing construction material demonstrates the results.

Original language	English
Title of host publication	Porceedings of 2017 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM)
Publisher	IEEE
Publication date	2017
Pages	1651-1655
ISBN (Electronic)	978-1-5386-0948-4
DOIs	https://doi.org/10.1109/IEEM.2017.8290173
Publication status	Published - 2017
Event	2017 International Conference on Industrial Engineering and Engineering Management (IEEM) - SUNTEC Singapore, Suntec City, Singapore Duration: 10 Dec 2017 → 13 Dec 2017 http://www.ieem.org

Conference

Conference	2017 International Conference on Industrial Engineering and Engineering Management (IEEM)
Location	SUNTEC Singapore
Country	Singapore
City	Suntec City
Period	10/12/2017 → 13/12/2017
Internet address	http://www.ieem.org

Access to Document

10.1109/IEEM.2017.8290173

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Cite this

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title = "Product portfolio optimization based on substitution",

abstract = "The development of production capabilities has led to proliferation of the product variety offered to the customer. Yet this fact does not directly imply increase of manufacturers' profitability, nor customers' satisfaction. Consequently, recent research focuses on portfolio optimization through substitution and standardization techniques. However when re-defining the strategic market decisions are characterized by uncertainty due to several parameters. In this study, by using a GAMS optimization model we present a method for supporting strategic decisions on substitution, by quantifying the impact of those parameters. Empirical evidence supplements the research, where a case study from an industry company producing construction material demonstrates the results.",

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booktitle = "Porceedings of 2017 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM)",

publisher = "IEEE",

address = "United States",

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Myrodia, A, Trattner, AL & Hvam, L 2017, Product portfolio optimization based on substitution. in Porceedings of 2017 IEEE International Conference on Industrial Engineering and Engineering Management (IEEM). IEEE, pp. 1651-1655, 2017 International Conference on Industrial Engineering and Engineering Management (IEEM), Suntec City, Singapore, 10/12/2017. https://doi.org/10.1109/IEEM.2017.8290173

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AB - The development of production capabilities has led to proliferation of the product variety offered to the customer. Yet this fact does not directly imply increase of manufacturers' profitability, nor customers' satisfaction. Consequently, recent research focuses on portfolio optimization through substitution and standardization techniques. However when re-defining the strategic market decisions are characterized by uncertainty due to several parameters. In this study, by using a GAMS optimization model we present a method for supporting strategic decisions on substitution, by quantifying the impact of those parameters. Empirical evidence supplements the research, where a case study from an industry company producing construction material demonstrates the results.

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