Dynamic Bid-Price Policies for Make-to-Order Revenue Management

Thomas Spengler (), Thomas Volling (), Kai Wittek () and Derya E. Akyol ()
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Thomas Spengler: Institute for Production and Logistics, TU Braunschweig
Thomas Volling: Institute for Production and Logistics, TU Braunschweig
Kai Wittek: Institute for Production and Logistics, TU Braunschweig
Derya E. Akyol: Dokuz Eylul University, Department of Industrial Engineering

Chapter 17 in Operations Research Proceedings 2008, 2009, pp 103-108 from Springer

Abstract: Summary A challenge of make-to-order (MTO) manufacturing lies in maximizing the total contribution margin by compiling the optimal order portfolio, given a fixed capacity. Particularly, bid-price based heuristics are successfully applied. The objective of this paper is to provide an extension to traditional bid-price based revenue management in MTO. Based on an analysis of the pros and cons of anticipative and reactive approaches, a hybrid approach combining both elements is proposed.

Date: 2009
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DOI: 10.1007/978-3-642-00142-0_17

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