2015
DOI: 10.1007/s10479-015-1909-2
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Dynamic conditional value-at-risk model for routing and scheduling of hazardous material transportation networks

Abstract: This paper illustrates a dynamic model of conditional value-at-risk (CVaR) measure for risk assessment and mitigation of hazardous material transportation in supply chain networks. The well-established market risk measure, CVaR, which is commonly used by financial institutions for portfolio optimizations, is investigated. In contrast to previous works, we consider CVaR as the main objective in the optimization of hazardous material (hazmat) transportation network. In addition to CVaR minimization and route pla… Show more

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Cited by 59 publications
(20 citation statements)
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“…The approach is applied on hazardous materials transportation problem. In terms of including risk, Faghih-Roohi et al (2015) proposed a dynamic model for conditional value-at-risk (CVaR) of hazardous material transportation in the supply chain network. CVaR is a commonly used risk measure and is used as the main objective of their optimization problem.…”
Section: Vehicle Routing Models and Methods To Reduce Risk Of Hazardomentioning
confidence: 99%
“…The approach is applied on hazardous materials transportation problem. In terms of including risk, Faghih-Roohi et al (2015) proposed a dynamic model for conditional value-at-risk (CVaR) of hazardous material transportation in the supply chain network. CVaR is a commonly used risk measure and is used as the main objective of their optimization problem.…”
Section: Vehicle Routing Models and Methods To Reduce Risk Of Hazardomentioning
confidence: 99%
“…(), Toumazis and Kwon (, ), and Faghih‐Roohi et al. (). The problem can be represented in graph‐theoretic terms, where for each arc two attributes are given: the probability that an accident occurs on that arc, and an estimate of the corresponding consequences.…”
Section: Transportation and Traffic Controlmentioning
confidence: 99%
“…The resulting consequence cost was then multiplied by the accident release rate to estimate the total annual risk (Saat et al, 2014). Finally, Toumazis and Kown (2013) proposed a conditional value-at-risk (CVaR) based measure to mitigate hazmat risk, and this measure was subsequently augmented in Faghih-Roohi et al (2015) to account for dynamic routing and scheduling of hazmat shipments, wherein accident probabilities and consequence of various types of hazmat and time schedules were considered. Table 2 and Fig.…”
Section: Parameter Estimationmentioning
confidence: 99%