Gao, Zuguang
[Author];
Birge, John R.
[Author];
Chen, Richard Li-Yang
[Author];
Cheung, Maurice
[Author]
;
Zuguang Gao and John R. Birge and Richard Li-Yang Chen and Maurice Cheung
[Contributor]
Greedy Algorithms for the Freight Consolidation Problem
Footnote:
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Description:
We define and study the (ocean) freight consolidation problem (FCP), which plays a crucial role in solving today’s supply chain crisis. Roughly speaking, every day and every hour, a freight forwarder sees a set of shipments and a set of containers at the origin port. There is a shipment cost associated with assigning each shipment to each container. If a container is assigned any shipment, there is also a procurement cost for that container. The FCP aims to minimize the total cost of fulfilling all the shipments, subject to capacity constraints of the containers. In this paper, we show that no constant factor approximation exists for FCP, and propose a series of greedy based heuristics for solving the problem. We also test our heuristics with simulated data and show that our heuristics achieve small optimality gaps.