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Rolling-Horizon Replenishment: Policies and Performance Analysis
Zhaotong Lian1; Liming Liu2; Stuart X. Zhu3
2010-09
Source PublicationNaval Research Logistics (NRL)
ISSN0894-069X
Volume57Issue:6Pages:489-502
Abstract

We consider a rolling‐horizon (RH) replenishment modeling framework under which a buyer can update demand information and inventory status, modify order quantities committed previously, place an advanced order for a new period at the end of the RH, and move along in time seamlessly. We show that the optimal order policy for the two‐period RH problem is a dual‐threshold type for updating period(s) plus a base‐stock type for the advanced order. We provide analytical formulas and algorithms to compute the optimal thresholds and the optimal base‐stock level exactly. With our analytical results and numerical procedures, we demonstrate the significant value of RH replenishment in matching supplies to demands more closely. We also show that with RH updating (flexibility), the value of additional demand information beyond the RH diminishes quickly. 

KeywordRolling Horizon Policy Structure Optimization Quantity Supply Contract
DOI10.1002/nav.20416
Indexed BySCI ; SSCI
Language英语
WOS Research AreaOperations Research & Management Science
WOS SubjectOperations Research & Management Science
WOS IDWOS:000281104200001
PublisherWILEY-BLACKWELL, 111 RIVER ST, HOBOKEN 07030-5774, NJ USA
Fulltext Access
Citation statistics
Cited Times [WOS]:10   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionDEPARTMENT OF ACCOUNTING AND INFORMATION MANAGEMENT
Corresponding AuthorStuart X. Zhu
Affiliation1.Department of Accounting and Management Information, Faculty of Business Administration, University of Macau
2.Department of Logistics and Maritime Studies, Faculty of Business, Hong Kong Polytechnic University
3.Department of Operations, Faculty of Economics and Business, University of Groningen
First Author AffilicationFaculty of Business Administration
Recommended Citation
GB/T 7714
Zhaotong Lian,Liming Liu,Stuart X. Zhu. Rolling-Horizon Replenishment: Policies and Performance Analysis[J]. Naval Research Logistics (NRL),2010,57(6):489-502.
APA Zhaotong Lian,Liming Liu,&Stuart X. Zhu.(2010).Rolling-Horizon Replenishment: Policies and Performance Analysis.Naval Research Logistics (NRL),57(6),489-502.
MLA Zhaotong Lian,et al."Rolling-Horizon Replenishment: Policies and Performance Analysis".Naval Research Logistics (NRL) 57.6(2010):489-502.
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