Abstract
An efficient two-stage heuristic approach is developed for solving the fleet management problem under time-varying demand. Stage 1 of the approach optimizes the vehicles’ utilization schedule. Continuous-time approximation is employed to yield a set of near-optimality conditions that can greatly reduce the solution space of this stage. Stage 2 then optimizes the vehicle purchase and retirement schedules. Numerical experiments showed that our approach outperformed a number of previous methods and commercial solvers by large margins in terms of solution quality, computational efficiency, or both.
Original language | English |
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Article number | 102268 |
Journal | Transportation Research Part E: Logistics and Transportation Review |
Volume | 147 |
DOIs | |
Publication status | Published - Mar 2021 |
Keywords
- Continuous-time approximation
- First-order condition
- Time-varying demand
- Two-stage optimization
- Vehicle fleet management
ASJC Scopus subject areas
- Business and International Management
- Civil and Structural Engineering
- Transportation