Optimal Fleet Composition via Dynamic Programming and Golden Section Search
In this paper, we consider an optimization problem arising in vehicle fleet management. The problem is to construct a heterogeneous vehicle fleet in such a way that cost is minimized subject to a constraint on the overall fleet size. The cost function incorporates fixed and variable costs associated...
| Main Authors: | , |
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| Format: | Journal Article |
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American Institute of Mathematical Sciences
2011
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| Online Access: | http://hdl.handle.net/20.500.11937/36447 |
| _version_ | 1848754773287763968 |
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| author | Loxton, Ryan Lin, Qun |
| author_facet | Loxton, Ryan Lin, Qun |
| author_sort | Loxton, Ryan |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | In this paper, we consider an optimization problem arising in vehicle fleet management. The problem is to construct a heterogeneous vehicle fleet in such a way that cost is minimized subject to a constraint on the overall fleet size. The cost function incorporates fixed and variable costs associated with the fleet, as well as hiring costs that are incurred when vehicle requirements exceed fleet capacity. We first consider the simple case when there is only one type of vehicle. We show that in this case the cost function is convex, and thus the problem can be solved efficiently using the well-known golden section method. We then devise an algorithm, based on dynamic programming and the golden section method, for solving the general problem in which there are multiple vehicle types. We conclude the paper with some simulation results. |
| first_indexed | 2025-11-14T08:45:44Z |
| format | Journal Article |
| id | curtin-20.500.11937-36447 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T08:45:44Z |
| publishDate | 2011 |
| publisher | American Institute of Mathematical Sciences |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-364472019-02-19T05:35:39Z Optimal Fleet Composition via Dynamic Programming and Golden Section Search Loxton, Ryan Lin, Qun In this paper, we consider an optimization problem arising in vehicle fleet management. The problem is to construct a heterogeneous vehicle fleet in such a way that cost is minimized subject to a constraint on the overall fleet size. The cost function incorporates fixed and variable costs associated with the fleet, as well as hiring costs that are incurred when vehicle requirements exceed fleet capacity. We first consider the simple case when there is only one type of vehicle. We show that in this case the cost function is convex, and thus the problem can be solved efficiently using the well-known golden section method. We then devise an algorithm, based on dynamic programming and the golden section method, for solving the general problem in which there are multiple vehicle types. We conclude the paper with some simulation results. 2011 Journal Article http://hdl.handle.net/20.500.11937/36447 10.3934/jimo.2011.7.875 American Institute of Mathematical Sciences fulltext |
| spellingShingle | Loxton, Ryan Lin, Qun Optimal Fleet Composition via Dynamic Programming and Golden Section Search |
| title | Optimal Fleet Composition via Dynamic Programming and Golden Section Search |
| title_full | Optimal Fleet Composition via Dynamic Programming and Golden Section Search |
| title_fullStr | Optimal Fleet Composition via Dynamic Programming and Golden Section Search |
| title_full_unstemmed | Optimal Fleet Composition via Dynamic Programming and Golden Section Search |
| title_short | Optimal Fleet Composition via Dynamic Programming and Golden Section Search |
| title_sort | optimal fleet composition via dynamic programming and golden section search |
| url | http://hdl.handle.net/20.500.11937/36447 |