Optimization of Multi-Period Rail Procurement Plan
Journal
Transportation Research Record
Journal Volume
2676
Journal Issue
4
Pages
324-333
Date Issued
2022
Author(s)
Abstract
Rail is one of the most expensive assets in railway infrastructure. Therefore, a well-prepared rail procurement plan could benefit the asset management. For the metro system in Taiwan, the rail procurement plan includes two major uncertainties, namely, currency rates and the global steel price. In this study, we propose deterministic and stochastic optimization models using a scenario-generation process to minimize the expected cost of the rail procurement plan. Results from the case studies demonstrate that the proposed models can successfully incorporate the uncertainties and obtain the optimal procurement plan. The sensitivity analysis on budget, storage capacity, and expiration period also provides the metro operator the best strategy to further lower the procurement cost. Adopting these models in rail procurement planning can improve the process and results of rail asset management. © National Academy of Sciences.
Subjects
rail; railroad infrastructure design and maintenance; resilience and sustainability; track
Other Subjects
Asset management; Budget control; Cost benefit analysis; Costs; Optimization; Railroad transportation; Railroads; Rails; Stochastic models; Infrastructure design; Infrastructure maintenance; Multi-period; Optimisations; Procurement plans; Railroad infrastructure; Railroad infrastructure design and maintenance; Resilience and sustainability; Track; Uncertainty; Sensitivity analysis
Type
book part