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Smoothing and adjustments of demand forecasts for inventory control

Syntetos, A and Boylan, JE 2008, 'Smoothing and adjustments of demand forecasts for inventory control' , IMA Journal of Management Mathematics, 19 (2) , pp. 175-192.

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Abstract

Demand forecasting and stock control are traditionally examined as independent of each other. Even though this weakness has been highlighted in the academic literature, little empirical work has been conducted on forecasting adjustments addressing the interaction between forecasting and stock control. In this paper, the relevant literature is critically reviewed. Subsequently, the empirical performance of some modifications and adjustments, on slow-moving items, is examined in detail. The data set consists of the individual demand histories of 753 intermittent line items from the Royal Air Force (UK). Overall, the results indicate that there is a scope for improving the performance of parametric stock control systems, and adjustments are indeed required in order to account for the interaction between forecasting and stock control.

Item Type: Article
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: IMA Journal of Management Mathematics
Publisher: Oxford University Press
Refereed: Yes
ISSN: 1471-678X
Funders: Royal Society, UK
Depositing User: Professor Aris Syntetos
Date Deposited: 13 Oct 2011 09:41
Last Modified: 04 Feb 2014 21:12
URI: http://usir.salford.ac.uk/id/eprint/9373

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