Abstract
In this paper we propose an Improved Approximate Dynamic Programming approach for the integrated fleet sizing and replenishment planning problem utilizing fix and optimize heuristic. The problem is about deciding both the composition of a fleet for distributing a single item and the replenishment planning based on a predetermined delivery frequency. This problem integrates two important logistical issues namely fleet sizing and replenishment planning. The objective is minimizing all relevant costs composed of vehicle ownership, inventory, and approximate routing costs. We show the effectiveness of the proposed solution method on a set of fairly large size randomly generated problem instances.
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