A Branch-and-Price-and-Cut Method for Ship Scheduling with Limited Risk

Autor:	Jay M. Rosenberger, Hee-Su Hwang, Siriwat Visoldilokpun
Rok vydání:	2008
Předmět:	Engineering Mathematical optimization Water transport business.industry Branch and price Scheduling (production processes) Transportation Profit (economics) Convex optimization Revenue business Integer programming Risk management Civil and Structural Engineering
Zdroj:	Transportation Science. 42:336-351
ISSN:	1526-5447 0041-1655
Popis:	Maritime logistics operations are full of uncertainty such as severe weather, mechanical problems, strikes, and fluctuating freight rates. Traditional ship-scheduling models ignore uncertainty, even in highly volatile markets. Although ship operators can increase revenue by delivering many spot cargoes, they have to embrace the risk of the fluctuation of spot rates. We present a set-packing model that limits risk using a quadratic variance constraint. We use a traditional Kelley's cutting plane algorithm and a delayed column-and-cut generation (branch-and-price-and-cut) algorithm on medium-sized ship-scheduling problems with restricted variance. We develop a second set of cuts that are more restrictive under certain conditions. Computational results show that the variance of profit can be significantly reduced with a reasonable increase in cost.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::149a00ab55bcb4d7f112e233295399ea https://doi.org/10.1287/trsc.1070.0218 Zobrazit plný text záznamu Plný text ve formátu PDF