Design of system for parking and repositioning of bikes in a public bike-sharing system
This report describes two methods to meet the goal of this report which is to maximise the profits of a bike sharing operator. The first method is the Newsvendor model which is a theoretical model and is used to compute the number of bikes needed at each time period to maximise profit. The second me...
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| Main Author: | |
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| Format: | Final Year Project |
| Language: | English |
| Published: |
2019
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| Subjects: | |
| Online Access: | http://hdl.handle.net/10356/78482 |
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| Institution: | Nanyang Technological University |
| Language: | English |
| Summary: | This report describes two methods to meet the goal of this report which is to maximise the profits of a bike sharing operator. The first method is the Newsvendor model which is a theoretical model and is used to compute the number of bikes needed at each time period to maximise profit. The second method is to use Monte Carlo Simulation to generate random demand, the number of bikes needed to fulfil the demand and the net profit that is associated with it. Two scenarios were introduced for Monte Carlo Simulation. The first scenario is an idealistic case where instantaneous repositioning takes place and the cost of repositioning is ignored so that the bike operator can achieve the maximum profit. The second scenario is introduced so that repositioning does not have to take place and the cost of repositioning can be ignored. This is a realistic situation as repositioning of bikes is an expensive operation to execute and the cost to reposition can be ignored, allowing the operator to maximise its profits. |
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