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A simulation-optimization model for the problem of evaluating a new fractional ownership jets operation

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Author(s): Juliana da Serra Costa Lopes | Claudio Barbieri da Cunha

Journal: Journal of Transport Literature
ISSN 2238-1031

Volume: 6;
Issue: 4;
Start page: 8;
Date: 2012;
Original page

Keywords: jets | network flow | monte carlo | fractional ownership

ABSTRACT
In this paper we describe a simulation-optimization model to help evaluate the feasibility of a new fractional ownership jets operation. This problem arises in the planning phase a new business to be launched, when it is necessary to evaluate alternative base location for the jets (how many and where) as well as to estimate the minimum required fleet size and the amount of deadhead (i.e. empty) trips that do not generate revenue. The problem of determining the fleet requirements, as well as allocation of jets to minimize the empty flights are modeled as a space-time minimum cost network flow model legs based on daily flight demands generated by Monte Carlo simulation. Our model was implemented in Excel spreadsheet with automation of all procedures related to the simulation and to building and solving the optimization model, in such a way that data can be easily inputted, updated and modified, and the models run in an easy and straightforward way by anyone with no required skills in operations research
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