A two-stage heuristic approach for fleet management optimization under time-varying demand

Le Zhang; Weihua Gu; Liangliang Fu; Yu Mei; Yaohua Hu

doi:10.1016/j.tre.2021.102268

A two-stage heuristic approach for fleet management optimization under time-varying demand

Le Zhang
, Weihua Gu
, Liangliang Fu
, Yu Mei
, Yaohua Hu

The Hong Kong Polytechnic University

Research output: Journal article publication › Journal article › Academic research › peer-review

9 Citations (Scopus)

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
Article number	102268
Journal	Transportation Research Part E: Logistics and Transportation Review
Volume	147
DOIs	https://doi.org/10.1016/j.tre.2021.102268
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

More information

10.1016/j.tre.2021.102268

http://hdl.handle.net/10397/89814

Cite this

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title = "A two-stage heuristic approach for fleet management optimization under time-varying demand",

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{\textquoteright} 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.",

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AU - Hu, Yaohua

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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

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A two-stage heuristic approach for fleet management optimization under time-varying demand

Abstract

Keywords

ASJC Scopus subject areas

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