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On the interaction between forecasting and stock control: the case of non-stationary demand

Strijbosch, LWG, Syntetos, A, Boylan, JE and Janssen, E 2011, 'On the interaction between forecasting and stock control: the case of non-stationary demand' , International Journal of Production Economics, 133 (1) , pp. 470-480.

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    Abstract

    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.

    Item Type: Article
    Uncontrolled Keywords: Forecasting, stock control, periodic review, non-stationary demand, simulation
    Themes: Subjects outside of the University Themes
    Schools: Colleges and Schools > College of Business & Law > Salford Business School > Operations and Global Logistics Management
    Journal or Publication Title: International Journal of Production Economics
    Publisher: Elsevier
    Refereed: Yes
    ISSN: 0925-5273
    Funders: Engineering and Physical Sciences Research Council (EPSRC)
    Depositing User: Professor Aris Syntetos
    Date Deposited: 14 Oct 2011 09:37
    Last Modified: 20 Jan 2014 20:52
    URI: http://usir.salford.ac.uk/id/eprint/18312

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