Colin Lewis explains the theory and practice of current demand forecasting methods, the links between forecasts produced as a result of analysing demand data and the various Demand Forecasting and Inventory Control. This practical book covers the forecasting- and inventory control methods used in commercial, retail and manufacturing companies. Colin Lewis explains the theory and practice of current demand forecasting methods, the links between forecasts produced as a result of analysing demand data and the various methods by which this information, together with cost information on stocked items, is used to establish the controlling parameters of the most commonly used inventory control systems.
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The demand forecasting section of the book concentrates on the family of short-term forecasting models based on the exponentially weighted average and its many variants and also a group of medium-term forecasting models based on a time series, curve fitting approach. The inventory control sections investigate the re-order level policy and re-order cycle policy and indicate how these two processes can be operated at minimum cost while offering a high level of customer service. Different types of forecasting methods.
The traditional approach to establishing the value of the reorder level. Linking the forecast of demand to the setting of the reorder level. Criticisms of the EOQ approach. Statistics for establishing the validity and accuracy of forecasting models.
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Demand forecasting and inventory control. Short-term forecasting for stationary demand situations. Short-term forecasting for growth and seasonality. Medium-term forecasting for growth and seasonality. The essential links between forecasting and inventory control -- Pt. Inventory control -- the re-order level inventory policy.
Establishing the value of the re-order level. Establishing the size of the replenishment order. Examining the relationship between the re-order level and the replenishment quantity -- Pt. Inventory control -- the re-order cycle inventory policy. Establishing the review period and maximum stock level -- Pt. Selecting the most appropriate inventory control policy -- App.
Demand forecasting and inventory control : a computer aided learning approach
Simplification of exponentially weighted average formula -- App. Selected values of the normal variable, u. Home About Help Search.
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Lewis takes an in-depth look at the family of short-term forecasting models that are based on the exponentially weighted average and its many variants. With sample data that includes calculations necessary for hands-on applications, Lewis takes you step by step through a variety of essential processes, among them how to forecast in stationary demand situations, plus how to relate forecast and demand data to specific time periods.
You'll also learn how to assess the validity and accuracy of selected forecasting models. In addition, Lewis examines a group of medium-term forecasting models based on a time-series, curve-fitting approach.
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The group encompasses, among other key topics, regression analysis, straight-line trend forecasts, and seasonality. Additional sections on inventory control investigate the re-order level policy and re-order cycle policy, illustrating how they can be operated at minimum cost while offering a high level of customer service.
Aimed at practitioners, as well as students who want to understand the processes behind the software they use, OPSCON features a number of short-term forecasting models and inventory control scenarios that enable you to establish solid policy parameters using either your own data or demonstration data. Packed with helpful examples, easy-to-read graphs, and sample calculations, Demand Forecasting and Inventory Control is an indispensable primer for everyone who needs to get a firm grasp on the principles, fundamentals, and applications of this increasingly vital concept.
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Would you like to tell us about a lower price? A practical, hands-on reference to the latest tools and techniques of demand forecasting Presenting an up-to-date overview of demand forecasting, this comprehensive primer is an ideal resource for those who need in-depth information and hands-on training. Covering the latest developments in field techniques—and featuring software that includes helpful short-term forecasting models and inventory control scenarios—Demand Forecasting and Inventory Control includes complete details on: Forecasting in stationary demand situations Medium-term forecasting for growth and seasonality Implementing the re-order level ROL policy Using the Economic Order Quantity EOQ to establish replenishment quantity values Interpreting service levels based on simple statistical concepts Establishing the value of the review period and maximum stock level Selecting the most appropriate inventory control policy OPSCON—a computer-friendly learning package forecasting is a crucial method for managing inventory control.
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