Abstract
This study proposes a two-echelon location routing framework for cash-in-transit. In order to mitigate the risk of robbery in cash transportation, a dynamic risk index is considered. The utilized risk function encompasses both the amount of cash carried by a vehicle and the travel time of a route, and it relaxes a pre-defined parameter of risk threshold in the literature. Multiple exact and metaheuristic methodologies are utilized and evaluated on several small to medium-sized instances and a case study. The effectiveness of the proposed methods is evaluated and shown by examining various multi-objective performance measures. The case study is researched in more depth to obtain managerial insights, and the results show that depending on the risk or cost efficiency of the solutions on a Pareto frontier, the risk of traversing longer routes or transporting larger amounts of cash can be determining in locating new bank vaults.
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