A risk management system for sustainable fleet replacement.

Ansaripoor, Amir H.; Oliveira, Fernando S.; Liret, Anne

Abstract

This article analyzes the fleet management problem faced by a firm when deciding which vehicles to add to its fleet. Such a decision depends not only on the expected mileage and tasks to be assigned to the vehicle but also on the evolution of fuel and CO2 emission prices and on fuel efficiency. This article contributes to the literature on fleet replacement and sustainable operations by proposing a general decision support system for the fleet replacement problem using stochastic programming and conditional value at risk (CVaR) to account for uncertainty in the decision process. The article analyzes how the CVaR associated with different types of vehicle is affected by the parameters in the model by reporting on the results of a real-world case study.

Citation

ANSARIPOOR, A.H., OLIVEIRA, F.S. and LIRET, A. 2014. A risk management system for sustainable fleet replacement. European journal of operational research [online], 237(2), pages 701-712. Available from: https://doi.org/10.1016/j.ejor.2014.02.006

• Journal Article Type: Article
• Acceptance Date: Feb 3, 2014
• Online Publication Date: Feb 8, 2014
• Publication Date: Sep 1, 2014
• Deposit Date: Oct 21, 2023
• Publicly Available Date: Nov 15, 2023
• Journal: European journal of operational research
• Print ISSN: 0377-2217
• Electronic ISSN: 1872-6860
• Publisher: Elsevier
• Peer Reviewed: Peer Reviewed
• Volume: 237
• Issue: 2
• Pages: 701-712
• DOI: https://doi.org/10.1016/j.ejor.2014.02.006
• Keywords: Decision support systems; Fleet management; Fleet replacement; Stochastic programming; Conditional value at risk (CVaR)
• Public URL: https://rgu-repository.worktribe.com/output/2114747