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

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

Transportation Research Part E: Logistics and Transportation Review, 2021, vol. 147, issue C

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.

Keywords: Vehicle fleet management; Two-stage optimization; Continuous-time approximation; First-order condition; Time-varying demand (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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DOI: 10.1016/j.tre.2021.102268

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