Link to the website: https://www.logisticsyu.com/
Link to detailed description of our algorithms: https://www.logisticsyu.com/our-mathematical-models.html
Intended output: https://www.logisticsyu.com/we-offer-you-the-solutions.html
Freight shipping is crucial for global supply chains, transportation of food and other goods. However, many external factors like weather, road construction and unforeseen events can pose risks to the delivery of goods, causing delays, increased costs, and disruptions.
We thought that it would be an interesting issue to tackle, since it’s not an issue that is commonly addressed in hackathons. Furthermore, we never realized just how important freight shipping is in maintaining access to many of the resources we utilize in our daily lives until we began research on the subject.
We found a few aspects that could potentially be improved in terms of freight shipping in order to guarantee a smoother and more efficient experience. Maintain supply chain efficiency: good coordination and accurate estimations of the time of arrival (especially with real time tracking and updates to the system) can help mitigate potential delays by ensuring that team members at each location are able to quickly respond and take inventory of delivered goods, or send them onto their next destination. Cost reduction is another important aspect to consider, since absurd pricing can turn clientele away from using a particular freight company, and lack of optimization can lead to the wastage of valuable resources and time. By keeping track of all the goods in real time, and ensuring their safe delivery by mitigating general risk factors and potential delays, customers are satisfied, which means higher investment and positive economic return. One important thing to note is regulatory compliance, since there can be legal and customs issues with shipping, since certain locations along the freight journey may have restrictions on certain types of delivered goods that are legal in both the initial and final destinations, which is something to consider when writing the algorithm. Perhaps the biggest factor to consider is general risk, and a formula prescribing the estimated risk can help Specific part we chose to focus on/narrowing it down We decided to focus on maximizing expected value by factoring in risk, shipping price, projected demand, and other factors to find the ideal amount of a selected product to each possible recipient.