A model with an efficient tabu search for the cash pickup and delivery problem
by Guoxun Xu; Ting Xiang; Yanfeng Li; Jun Li
International Journal of Shipping and Transport Logistics (IJSTL), Vol. 15, No. 1/2, 2022

Abstract: The cash transportation cost in the banking system, which is one of the most important components of the currency issuance cost, could be reduced by the optimisation of the cash transportation process. In this study, we propose a cash pickup and delivery problem to deal with the distribution of new banknotes, the collection of used banknotes, and the disposal of damaged banknotes in the banking system. The proposed problem is formulated as a mixed-integer linear programming model to minimise the total transportation cost and the total penalty cost due to unmet target demand. An efficient tabu search heuristic is developed to solve the proposed problem. Numerical results illustrate the efficiency of the proposed solution method and demonstrate the effect of the risk threshold on the combination of cash denominations.

Online publication date: Fri, 30-Sep-2022

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