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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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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: Schools > College of Business & Law > Salford Business School > Business and Management Research Centre
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 08:37
Last Modified: 29 Oct 2015 00:47

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