This paper is concerned with identifying an effective method for forecasting the lead time demand of slow-moving inventories. Particular emphasis is placed on prediction distributions instead of point predictions alone. It is also placed on methods which work with small samples as well as large...

Organizations with large-scale inventory systems typically have a large proportion of items for which demand is intermittent and low volume. We examine different approaches to forecasting for such products, paying particular attention to the need for inventory planning over a multi-period...

Demand for spare parts can sometimes be classified into critical and non-critical demand, depending on the criticality of the equipment in which it is installed. To effectively handle this situation in spare parts inventory control, we propose a stocking policy where some of the stock is...

This paper presents a case study of applying a Bayesian approach to forecast demand and subsequently determine the appropriate parameter S of an (S-1,S) inventory system for controlling spare parts of electronic equipment. First, the problem and the current policy are described. Then, the basic...

The literature on stochastic models for inventory control with product returns commonly makes the following simplifying assumptions: demand and returns are each a homogeneous (compound) Poisson process, and the processes are independent of each other. In this paper we explore the validity of...

We consider a joint manufacturing / remanufacturing environment with remanufacturing yield loss. Demand and return follow independent stationary Poisson processes. Returns can be disposed off upon arrival to the system. Manufacturing and remanufacturing operations performed in the same facility...

Exponential smoothing is often used to forecast lead-time demand for inventory control. In this paper, formulae are provided for calculating means and variances of lead-time demand for a wide variety of exponential smoothing methods. A feature of many of the formulae is that variances, as well...

Adaptations of simple exponential smoothing are presented that aim to unify the task of forecasting demand for both slow and fast moving inventories. A feature of the adaptations is that they are designed to ensure that the resulting prediction distributions have only a nonnegative domain. A...

In this article a single item inventory model with backlogging is analyzed, which is a generalization of the most well-known simple models. This formulation enables us to separate the analysis of the system to the analysis of the control rule (reduced to the analysis of a Markov chain) and of...

In equipment-intensive industries such as truck manufacturing, electronics manufacturing, photo copiers, and airliners, service parts are often slow moving items for which, in some cases, the transshipment time is not negligible. However, this aspect is hardly considered in the existing spare...