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

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

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.

Suggested Citation

  • Zhang, Le & Gu, Weihua & Fu, Liangliang & Mei, Yu & Hu, Yaohua, 2021. "A two-stage heuristic approach for fleet management optimization under time-varying demand," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 147(C).
    • Handle: RePEc:eee:transe:v:147:y:2021:i:c:s1366554521000442
    DOI: 10.1016/j.tre.2021.102268
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