Analysing risk orientation in a stochastic VRP

Marc Reimann

doi:10.1504/EJIE.2007.014105

Analysing risk orientation in a stochastic VRP

Marc Reimann

BL Faculty Management and Administration

Research output: Contribution to journal › Article › peer-review

1 Citation (Scopus)

Abstract

In this paper, the value of correctly addressing uncertainty and risk in operational planning is studied in the context of the Vehicle Routing Problem with Stochastic Demands (VRPSD). The main issues analysed in this paper concern (1) the evaluation of different risk attitudes in planning vehicle routes, (2) the value of considering the uncertainty for planning the vehicle routes (as opposed to dealing with the problem deterministically) in general and (3) the fit between the risk attitudes in performance measurement on the one hand and decision making on the other hand. Using an existing model of the VRPSD these issues are studied employing a heuristic solution approach based on Ant Colony Optimisation (ACO).

Original language	English
Pages (from-to)	111-130
Number of pages	20
Journal	European Journal of Industrial Engineering
Volume	1
Issue number	2
DOIs	https://doi.org/10.1504/EJIE.2007.014105
Publication status	Published - 2007

Keywords

operational planning
risk preferences
stochastic demands
vehicle routing

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10.1504/EJIE.2007.014105

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abstract = "In this paper, the value of correctly addressing uncertainty and risk in operational planning is studied in the context of the Vehicle Routing Problem with Stochastic Demands (VRPSD). The main issues analysed in this paper concern (1) the evaluation of different risk attitudes in planning vehicle routes, (2) the value of considering the uncertainty for planning the vehicle routes (as opposed to dealing with the problem deterministically) in general and (3) the fit between the risk attitudes in performance measurement on the one hand and decision making on the other hand. Using an existing model of the VRPSD these issues are studied employing a heuristic solution approach based on Ant Colony Optimisation (ACO).",

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KW - operational planning

KW - risk preferences

KW - stochastic demands

KW - vehicle routing

U2 - 10.1504/EJIE.2007.014105

DO - 10.1504/EJIE.2007.014105

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SP - 111

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JO - European Journal of Industrial Engineering

JF - European Journal of Industrial Engineering

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ER -

Analysing risk orientation in a stochastic VRP

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Keywords

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