On the interaction between forecasting and stock control: The case of non-stationary demand
The effect of using estimated (forecast) demand parameters on the performance of an inventory control system is an intriguing and important subject. Recent research has been undertaken on this phenomenon assuming stationary demand data. In this paper we extend the research to non-stationary demands, by means of simulation. The case of a periodic order-up-to-level inventory system is considered and the experimental structure allows us to evaluate in a progressive manner the accumulated effect of using the optimal forecasting method, optimal forecast parameters and correct variance expression procedures. The results allow insights to be gained into operational issues and demonstrate the scope for improving stock control systems.
Year of publication: |
2011
|
---|---|
Authors: | Strijbosch, Leo W.G. ; Syntetos, Aris A. ; Boylan, John E. ; Janssen, Elleke |
Published in: |
International Journal of Production Economics. - Elsevier, ISSN 0925-5273. - Vol. 133.2011, 1, p. 470-480
|
Publisher: |
Elsevier |
Keywords: | Forecasting Stock control Periodic review Non-stationary demand Simulation |
Saved in:
Online Resource
Saved in favorites
Similar items by person
-
On the interaction between forecasting and stock control: The case of non-stationary demand
Strijbosch, Leo W.G., (2011)
-
On the interaction between forecasting and stock control : the case of non-stationary demand
Strijbosch, Leo W. G., (2011)
-
Judging the judges through accuracy-implication metrics : the case of inventory forecasting
Syntetos, Aris A., (2010)
- More ...