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Purpose – Spare parts have become ubiquitous in modern societies and managing their requirements is an important and challenging task with tremendous cost implications for the organisations that are holding relevant inventories. An important operational issue involved in the management of...
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The ARIMA(0,1,1) demand model has been analysed extensively by researchers and used widely by forecasting practitioners due to its attractive theoretical properties and empirical evidence in its support. However, no empirical investigations have been conducted in the academic literature to...
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Spare parts are known to be associated with intermittent demand patterns and such patterns cause considerable problems with regards to forecasting and stock control due to their compound nature that renders the normality assumption invalid. Compound distributions have been used to model...
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