Rolling horizon procedure for large-scale equipment replacement problems with multiple alternatives

To address the computational complexity of large-scale equipment replacement problems, a rolling horizon procedure (RHP) is applied to equipment replacement problems with multiple alternatives. The rolling horizon replacement procedure is proposed in this paper. The principle of the rolling replacement procedure as well as its algorithm is presented. Extensive experiments were conducted. Computational results demonstrate that the effectiveness of RHP for large-scale equipment replacement problems when dynamic programming is not effective. RHP can get a tradeoff between computational efforts and solution qualities.