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Minimal forecast horizon procedures for dynamic lot size models

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  • Suresh Chand
  • Thomas E. Morton

Abstract

This article presents new results which should be useful in finding production decisions while solving the dynamic lot sizing problem of Wagner–Whitin on a rolling horizon basis. In a rolling horizon environment, managers obtain decisions for the first period (or the first few periods) by looking at the forecasts for several periods. This article develops procedures to find optimal decisions for any specified number of initial periods (called planning horizon in the article) by using the forecast data for the minimum possible number of future periods. Computational results comparing these procedures with the other procedures reported in the literature are very encouraging.

Suggested Citation

  • Suresh Chand & Thomas E. Morton, 1986. "Minimal forecast horizon procedures for dynamic lot size models," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 33(1), pages 111-122, February.
    • Handle: RePEc:wly:navlog:v:33:y:1986:i:1:p:111-122
    DOI: 10.1002/nav.3800330110
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    Cited by:

    1. Shen Hong & Deng Qiang & Lao Rebecca & Wu Simon, 2016. "A Case Study of Inventory Management in a Manufacturing Company in China," Nang Yan Business Journal, Sciendo, vol. 5(1), pages 20-40, December.
    2. Fuying Jing & Zirui Lan, 2017. "Forecast horizon of multi-item dynamic lot size model with perishable inventory," PLOS ONE, Public Library of Science, vol. 12(11), pages 1-15, November.
    3. Stanislaw Bylka, 1997. "Strong turnpike policies in the single‐item capacitated lot‐sizing problem with periodical dynamic parameter," Naval Research Logistics (NRL), John Wiley & Sons, vol. 44(8), pages 775-790, December.
    4. Michael Bastian, 1992. "A perfect lot‐tree procedure for the discounted dynamic lot‐size problem with speculation," Naval Research Logistics (NRL), John Wiley & Sons, vol. 39(5), pages 651-668, August.
    5. Alain Bensoussan & Jean‐Marie Proth & Maurice Queyranne, 1991. "A planning horizon algorithm for deterministic inventory management with piecewise linear concave costs," Naval Research Logistics (NRL), John Wiley & Sons, vol. 38(5), pages 729-742, October.
    6. Awi Federgruen & Michal Tzur, 1996. "Detection of minimal forecast horizons in dynamic programs with multiple indicators of the future," Naval Research Logistics (NRL), John Wiley & Sons, vol. 43(2), pages 169-189, March.
    7. Suresh Chand & Sunantha Teyarachakul Prime & Suresh Sethi, 2018. "Production planning with multiple production lines: Forward algorithm and insights on process design for volume flexibility," Naval Research Logistics (NRL), John Wiley & Sons, vol. 65(6-7), pages 535-549, September.
    8. Awi Federgruen & Michal Tzur, 1999. "Time‐partitioning heuristics: Application to one warehouse, multiitem, multiretailer lot‐sizing problems," Naval Research Logistics (NRL), John Wiley & Sons, vol. 46(5), pages 463-486, August.

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