Regression Based Integration of Demand Forecasting and Inventory Decision

Meng Hao Xi; He Xing Wang; Qiu Hong Zhao

doi:10.4028/www.scientific.net/AMR.433-440.2954

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HomeAdvanced Materials ResearchAdvanced Materials Research Vols. 433-440Regression Based Integration of Demand Forecasting...

Regression Based Integration of Demand Forecasting and Inventory Decision

Abstract:

In the traditional inventory decision-making, demand forecasting and inventory control decisions are made independently, so it is difficult to ensure that the inventory cost is minimized. To make the demand forecasting and inventory control be consistent, this paper proposes a cost regression model, in which the demand forecasting is combined with the inventory decisions, aiming to minimize the inventory cost rather than the forecast error. A computational example is presented, to show the difference of the integrated decision-making model and the decentralized decision-making model.

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Periodical:

Advanced Materials Research (Volumes 433-440)

Pages:

2954-2956

DOI:

https://doi.org/10.4028/www.scientific.net/AMR.433-440.2954

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Online since:

January 2012

Authors:

Meng Hao Xi, He Xing Wang, Qiu Hong Zhao

Keywords:

Cost Regression Model, Demand Forecasting, Inventory Control

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