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Optimal product lline design with the use of grey wolf optimization algorithm

Syrpi Charisti

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Summary

The increasingly competitive spirit that dominates the global market in the 21st century forces businesses to establish ever more demanding goals, as survival and development in the market are end-all accomplishments. The goals that a company can set in its strategic plan vary and can be related to the maximization of possible profit or its expansion. In this thesis, the ultimate aim of the company is to maximize the market share of its products launched to the market, which will be achieved by solving the problem of optimal product line design. The products to be designed are analyzed in their characteristics and their individual levels, which are properly combined in order to find the optimal market share. The Bradley – Terry Luce stochastic selection model is used for the purchasing process simulation stage, in which the product line market share is calculated and evaluated. Regarding to the optimization part, due to the fact that the problem belongs to the category of NP-hard problems, the Grey Wolf Optimizer algorithm will be applied, which was a new approach to Swarm Intelligence algorithms, when it was first proposed in 2013 by Seyedali Mirjalili, Seyed Mohammad Mirjalili and Andrew Lewis.In order to reach the solution of the problem, both the Bradley – Terry Luce model and the Grey Wolf Optimizer algorithm were implemented in the Matlab programming environment. Finally, the results obtained are presented in detail.

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