Name
Title | ||
|---|---|---|
An adaptive and diversified vehicle routing approach to reducing the security risk of cash-in-transit operations. |
Abstract | ||
|---|---|---|
We consider the route optimization problem of transporting valuables in cash-in-transit CIT operations. The problem arises as a rich variant of the capacitated vehicle routing problem CVRP with time windows and pickup and deliveries. Due to the high-risk nature of this operation e.g., robberies we consider a bi-objective function where we attempt to minimize the total transportation cost and the security risk of transporting valuables along the designed routes. For risk minimization, we propose a composite risk measure that is a weighted sum of two risk components: i following the same or very similar routes, and ii visiting neighborhoods with low socio-economic status along the routes. We also consider vehicle capacities in terms of monetary value carried as per insurance regulations. We develop an adaptive randomized bi-objective path selection algorithm that uses the composite risk measure in choosing alternative paths between origin-destination pairs over a sequence of days. We solve the rich CVRP approximately for each day with updated costs. We test our solution approach on a data set from a CIT delivery service provider and provide insights on how the routes diversify daily. Our approach generates a spectrum of solutions with cost-risk trade-off to support decision making. © 2017 Wiley Periodicals, Inc. NETWORKS, Vol. 693, 256-269 2017 |
Year | DOI | Venue |
|---|---|---|
2017 | 10.1002/net.21735 | Networks |
Keywords | Field | DocType |
city logistics,cash-in-transit transportation,security risk,pickup and delivery with time windows,adaptive randomized algorithm | Mathematical optimization,Transportation cost,Vehicle routing problem,Selection algorithm,Service provider,Minification,Risk measure,Optimization problem,Mathematics,Cash | Journal |
Volume | Issue | ISSN |
69 | 3 | 0028-3045 |
Citations | PageRank | References |
2 | 0.37 | 15 |
Authors | ||
3 | ||
Name | Order | Citations | PageRank |
|---|---|---|---|
| Burçin Bozkaya | 1 | 24 | 4.71 |
| F. Sibel Salman | 2 | 269 | 25.92 |
| Kaan Telciler | 3 | 2 | 0.37 |