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Solving multi-objective optimization formulation for fleet planning in a railway industry

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  • Hamid Sayarshad
  • Nikbakhsh Javadian
  • Reza Tavakkoli-Moghaddam
  • Nastaran Forghani

Abstract

In this paper, we propose a novel three-objective mathematical model and a solution procedure for optimizing fleet planning for rail-cars in a railway industry. These objectives are to: (1) minimize the sum of the cost related to service quality, (2) maximize profit calculated as the difference between revenues generated by serving customer demand and the combined costs of rail-car ownership and rail-car movement and, (3) minimize the sum of the rail-car fleet sizing, simultaneously. The Pareto optimal set is depicted and used for a trade-off analysis. A number of numerical examples are given to illustrate the presented model and solution methodology. Copyright Springer Science+Business Media, LLC 2010

Suggested Citation

  • Hamid Sayarshad & Nikbakhsh Javadian & Reza Tavakkoli-Moghaddam & Nastaran Forghani, 2010. "Solving multi-objective optimization formulation for fleet planning in a railway industry," Annals of Operations Research, Springer, vol. 181(1), pages 185-197, December.
    • Handle: RePEc:spr:annopr:v:181:y:2010:i:1:p:185-197:10.1007/s10479-010-0714-1
    DOI: 10.1007/s10479-010-0714-1
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