Optimization in fractional aircraft ownership Available to Purchase

Fractional Aircraft Ownership is a new concept in flight ownership management system where each individual or corporation may own a fraction of an aircraft. In this system, the owners have privilege to schedule their flight according to their needs. Fractional management companies (FMC) manages all aspects of aircraft operations, including utilization of FMC's aircraft in combination of outsourced aircrafts. This gives the owners the right to enjoy the benefits of private aviations. However, FMC may have complicated business requirements that neither commercial airlines nor charter airlines faces. Here, optimization models are constructed to minimize the number of aircrafts in order to maximize the profit and to minimize the daily operating cost. In this paper, three kinds of demand scenarios are made to represent different flight operations from different types of fractional owners. The problems are formulated as an optimization of profit and a daily operational cost to find the optimum flight assignments satisfying the weekly and daily demand respectively from the owners. Numerical results are obtained by Genetic Algorithm method.