期刊
EUROPEAN JOURNAL OF OPERATIONAL RESEARCH
卷 196, 期 2, 页码 526-533出版社
ELSEVIER SCIENCE BV
DOI: 10.1016/j.ejor.2008.02.043
关键词
Supply contract; Inventory; Rolling horizon; Quantity flexibility; Dynamic programming
资金
- General Motors Corporation
- NSF [DMI0075462, 0122173]
- UMAC [RG002/01-02W(S)/LZT/FBA]
- Div Of Civil, Mechanical, & Manufact Inn
- Directorate For Engineering [0122173] Funding Source: National Science Foundation
- Div Of Information & Intelligent Systems
- Direct For Computer & Info Scie & Enginr [0829553] Funding Source: National Science Foundation
This paper explores a class of supply contracts under which a buyer receives discounts for committing to purchases in advance. The further in advance the commitment is made, the larger the discount. As time rolls forward, the buyer can increase the order quantities for future periods of the rolling horizon based on updated demand forecast information and inventory status. However, the buyer pays a higher per-unit cost for the incremental units. Such contracts are used by automobile and contract manufacturers, and are quite common in fuel oil and natural gas delivery markets. We develop a finite-horizon dynamic programming model to characterize the structure of the optimal replenishment strategy for the buyer. We present heuristic approaches to calculate the order volume in each period of the rolling horizon. Finally, we numerically evaluate the heuristic approaches and draw some managerial insights based on the findings. (C) 2008 Published by Elsevier B.V.
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