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

Strijbosch, Leo W.G., Syntetos, Argyrios ORCID: https://orcid.org/0000-0003-4639-0756, Boylan, John E. and Janssen, Elleke 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. 10.1016/j.ijpe.2009.10.032

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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
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HD Industries. Land use. Labor
Uncontrolled Keywords:	Forecasting; Stock control; Periodic review; Non-stationary demand; Simulation
Publisher:	Elsevier
ISSN:	0925-5273
Last Modified:	21 Oct 2022 11:00
URI:	https://orca.cardiff.ac.uk/id/eprint/42060

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