The goal of a Virtual Organization is to find the most appropriate partners in terms of expertise, cost wise, quick response, and environment. In this study we propose a model and a solution approach to a partner selection problem considering three main evaluation criteria: cost, time and risk. This multiobjective problem is solved by an improved genetic algorithm (GA) that includes meiosis specific characteristics and step-size adaptation for the mutation operator. The algorithm performs strong exploration initially and exploitation in later generations. It has a high global search ability and a fast convergence rate and also avoids premature convergence. On the basis of the numerical investigations, the incorporation of the proposed enhancements has been successfully proved.
Business and Economic Horizons, redakce, Prague Development Center s.r.o., Bořivojova 1081 / 40, 130 00, Prague 3 - Žižkov, Czech Republic
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