Analysing risk orientation in a stochastic VRP

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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).

Original languageEnglish
Pages (from-to)111-130
Number of pages20
JournalEuropean Journal of Industrial Engineering
Volume1
Issue number2
DOIs
Publication statusPublished - 2007

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