TY - JOUR
T1 - A two-stage heuristic approach for fleet management optimization under time-varying demand
AU - Zhang, Le
AU - Gu, Weihua
AU - Fu, Liangliang
AU - Mei, Yu
AU - Hu, Yaohua
N1 - Funding Information:
This study is supported by General Research Funds (Project No. 15280116 and 15224818) provided by the Research Grants Council of Hong Kong and a start-up grant provided by the Hong Kong Polytechnic University (Project ID: P0001008).
Publisher Copyright:
© 2021 Elsevier Ltd
PY - 2021/3
Y1 - 2021/3
N2 - 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.
AB - 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.
KW - Continuous-time approximation
KW - First-order condition
KW - Time-varying demand
KW - Two-stage optimization
KW - Vehicle fleet management
UR - http://www.scopus.com/inward/record.url?scp=85101151118&partnerID=8YFLogxK
U2 - 10.1016/j.tre.2021.102268
DO - 10.1016/j.tre.2021.102268
M3 - Journal article
AN - SCOPUS:85101151118
SN - 1366-5545
VL - 147
JO - Transportation Research, Part E: Logistics and Transportation Review
JF - Transportation Research, Part E: Logistics and Transportation Review
M1 - 102268
ER -