This paper is published in Volume-7, Issue-5, 2021
Area
Operations Research
Author
Saksham Batra, Ragini Thapa, Pranav Arora, Sambhav Agarwal, Khushi Rastogi
Org/Univ
SVKM's Narsee Monjee Institute of Management Studies, Bengaluru, Karnataka, India
Pub. Date
27 September, 2021
Paper ID
V7I5-1260
Publisher
Keywords
Operations Research, Logistics, Fuel Consumption, Transportation Costs, Location Routing Problem (LRP)

Citationsacebook

IEEE
Saksham Batra, Ragini Thapa, Pranav Arora, Sambhav Agarwal, Khushi Rastogi. A study of operations research in relation to the logistics sector and rising fuel prices, International Journal of Advance Research, Ideas and Innovations in Technology, www.IJARIIT.com.

APA
Saksham Batra, Ragini Thapa, Pranav Arora, Sambhav Agarwal, Khushi Rastogi (2021). A study of operations research in relation to the logistics sector and rising fuel prices. International Journal of Advance Research, Ideas and Innovations in Technology, 7(5) www.IJARIIT.com.

MLA
Saksham Batra, Ragini Thapa, Pranav Arora, Sambhav Agarwal, Khushi Rastogi. "A study of operations research in relation to the logistics sector and rising fuel prices." International Journal of Advance Research, Ideas and Innovations in Technology 7.5 (2021). www.IJARIIT.com.

Abstract

Problem resolution based on assumptions of a simple cause-and-effect relationship is insufficient in a complex activity like logistics. One of the highest costs contributing to “reducing transportation costs” concerns is the price of fuel. To avoid a substantial rise in operational expenses, it is important to adapt and develop a plan while simultaneously pursuing reduced costs. This necessitates the use of operational research technique that is based on mathematical processes. The cost of fuel consumption is determined by the distance travelled and the road conditions (in the case of poor road conditions, the width of the road can impact the vehicle's speed as well as the amount of fuel consumed). This article focusses on strategically evaluating on how to reduce these costs in the logistics sector by using relevant Operations Research Techniques in order to achieve profitability without affecting the operation and customer service.