Performance Evaluation and Improvement via Mathematical Modeling: Total Cost of Ownership

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AMIRI MAGHSOUD; Tadrisi Hasani Masoumeh; HADINEJAD FARHAD

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Journal Paper

Paper Information

Journal: PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT) Year:2020 | Volume:14 | Issue:54 Page(s): 46-71

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Information Journal Paper

Title

Performance Evaluation and Improvement via Mathematical Modeling: Total Cost of Ownership

Author(s)

AMIRI MAGHSOUD | Tadrisi Hasani Masoumeh | HADINEJAD FARHAD | Issue Writer Certificate

Keywords

Mathematical ModelingQ2

Performance EvaluationQ2

Productivity EnhancementQ2

Supplier SelectionQ1

Total Cost of OwnershipQ1

Abstract

A significant amount of costs in the process of supply chain assessment and management is often overlooked when applying traditional ways of evaluation and supplier choice, and it is essential to provide a comprehensive approach that can take into account all costs associated with a service or product. To this end, the concept of "Total Cost of Ownership" is considered as an appropriate criterion for performance assessment and an optimal method for Productivity Enhancement. It is a philosophy and a purchase device that seeks to delineate the actual purchase cost of a product or a particular service from a specific, and thereby, enhance productivity by reducing viable costs of an investment or purchase. Therefore, the current study sought to explore multiple dimensions of Total Cost of Ownership in selection and evaluation of organizational suppliers. It further aimed to present a mathematical model that can offer an indicator to evaluate the supplier's performance based on each aspect of Total Cost of Ownership making it possible for organizational decision makers to compare each of their suppliers from different perspectives and choose the most efficient and suitable supplier while keeping the cost to an absolute minimum. The proposed index was finally described based on a sample from an automobile manufacturing company.

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APA: Copy

AMIRI, MAGHSOUD, Tadrisi Hasani, Masoumeh, & HADINEJAD, FARHAD. (2020). Performance Evaluation and Improvement via Mathematical Modeling: Total Cost of Ownership. PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT), 14(54 ), 46-71. SID. https://sid.ir/paper/409161/en

Vancouver: Copy

AMIRI MAGHSOUD, Tadrisi Hasani Masoumeh, HADINEJAD FARHAD. Performance Evaluation and Improvement via Mathematical Modeling: Total Cost of Ownership. PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT)[Internet]. 2020;14(54 ):46-71. Available from: https://sid.ir/paper/409161/en

IEEE: Copy

MAGHSOUD AMIRI, Masoumeh Tadrisi Hasani, and FARHAD HADINEJAD, “Performance Evaluation and Improvement via Mathematical Modeling: Total Cost of Ownership,” PRODUCTIVITY MANAGEMENT (BEYOND MANAGEMENT), vol. 14, no. 54 , pp. 46–71, 2020, [Online]. Available: https://sid.ir/paper/409161/en

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