Forecasting intermittent demand for inventory management by retailers: A new approach

2021 ◽  
Vol 62 ◽  
pp. 102662
Author(s):  
Xin Tian ◽  
Haoqing Wang ◽  
Erjiang E
Keyword(s):  
Inventory Management ◽  
Intermittent Demand ◽  
New Approach

A new approach to forecasting intermittent demand for service parts inventories

2004 ◽  
Vol 20 (3) ◽  
pp. 375-387 ◽  
Author(s):  
Thomas R. Willemain ◽  
Charles N. Smart ◽  
Henry F. Schwarz
Keyword(s):  
Intermittent Demand ◽  
New Approach ◽  
Service Parts

scholarly journals Insider understanding of country development: a novel application of Optimal Control Theory and Data Envelopment Analysis for benchmarking performance of Chilean and Brazilian companies

2019 ◽  
Vol 3 (1) ◽  
pp. 47
Author(s):  
Paulo Nocera Alves Junior ◽  
Wilfredo F. Yushimito ◽  
Jorge Pereira Gude ◽  
Isotilia Costa Melo ◽  
Daisy Aparecida do Nascimento Rebelatto
Keyword(s):  
Optimal Control ◽  
Control Theory ◽  
Inventory Management ◽  
Optimal Control Theory ◽  
Future Research ◽  
Data Envelopment ◽  
New Approach ◽  
Inventory Costs ◽  
Production Inventory ◽  
Benchmarking Performance

Aim: If companies manage their inventory inefficiently, inventory costs can increase significantly due to shortages, overstocking, and risks. Inventory management is critical for company’s success which, in turn, impacts on countries’ development. This paper aims to investigate the efficiency of inventory control systems of companies from Brazil and Chile through Optimal Control Theory and Data Envelopment Analysis.Design/Research methods: Data was collected from Chilean and Brazilian companies covering different industries in which both countries are mostly dependent A new approach using OCT and DEA is applied for dealing with inventory, production, and demand in Dynamic DEA model to benchmark companies’ production-inventory systems.Conclusions/findings: The results show efficient companies among evaluated industries. Such companies are related mainly to Brazilian commerce and Chilean exports. Based on findings, it was possible to identify patterns and relationship among companies and its inventory management.Originality/value of the article: This paper fills a gap in studies including demand, production, and inventory in Dynamic DEA by using OCT to forewarn unrealistic results and observing companies’ behavior. Besides that, this approach is particularly useful for developing countries in this context, determining benchmarks for the most inefficient firms in each sector.Implications of the research: The results show (1) which companies should focus more on improving inventory management, (2) which companies should be used as benchmarks, and (3) it highlights the reasons of different performance of companies in each country.Limitations of the research: For future research, it is suggested including variables and analysis of social and environmental impacts.

A new approach to forecasting intermittent demand based on the mixed zero‐truncated Poisson model

2019 ◽  
Vol 39 (1) ◽  
pp. 69-83
Author(s):  
Aiping Jiang ◽  
Kwok Leung Tam ◽  
Xiaoyun Guo ◽  
Yufeng Zhang
Keyword(s):  
Poisson Model ◽  
Intermittent Demand ◽  
New Approach

scholarly journals Market basket analysis with association rules in the retail sector using Orange. Case Study: Appliances Sales Company

2021 ◽  
Vol 24 (2) ◽  
Author(s):  
Marcos Martinez ◽  
Belén Escobar ◽  
Garcia-Diaz Maria-Elena ◽  
Diego P. Pinto-Roa
Keyword(s):  
Decision Making ◽  
Inventory Management ◽  
Association Rules ◽  
Retail Sector ◽  
New Approach ◽  
Useful Knowledge ◽  
Sales Company ◽  
Sporting Goods ◽  
Home Goods

This research is conducted to analyze the shopping basket by using association rules in the retail area, more specifically in a home goods sales company such as appliances, computer items, furniture, and sporting goods, among others. With the rise of globalization and the advancement of technology, retail companies are constantly struggling to maintain and raise their profits, as well ordering the products and services that the customer wants to obtain. In this sense, they need a new approach to identify different objectives in order to be more competitive and successful, looking for new decision-making strategies. To achieve this goal, and to obtain clear and efficient strategies, by providing large amounts of data collected in business transactions, the need arises to intelligently analyze such data in order to extract useful knowledge that will support decision-making and, an understanding of the association patterns that occur in sales-customer behavior. Predicting which product will make the most profit, products that are sold together, this type of information is of great value for storing products in inventory. Knowing when a product is out of fashion can support inventory management effectively. In this sense, this work presents the rules of association of products obtained by analyzing the data with the FPGrowth algorithm using the Orange tool.

A new approach for EOQ calculation using modified opportunity cost

2020 ◽  
Vol 13 ◽  
Author(s):  
Juhi Singh ◽  
Mandeep Mittal ◽  
Sarla Pareek
Keyword(s):  
Inventory Management ◽  
Opportunity Cost ◽  
Major Focus ◽  
Rule Mining ◽  
Inventory Cost ◽  
New Approach ◽  
Confidence Factor ◽  
True Value ◽  
Inventory Management System ◽  
Total Inventory

Introduction: Optimal inventory levels are necessary for a firm to avoid shortage/excess of an item. Shortage of an item leads to stock out conditions which results in loss of profit. When items are correlated with each other, stock out condition of one item may result in non purchase of its associated items also which, in turn, further brings down the profit. In this paper, this loss in profit is used to modify opportunity cost of an item resulting in its modified EOQ. Method: One illustrative example has been discussed which incorporates purchase dependencies in retail multi-item inventory management. The model discussed in this research paper will be motivational for researchers and inventory managers and provides a method for incorporating correlation among items while managing inventory. Result: The EOQs of items are estimated both by using traditional method and then by using modified opportunity cost (modeled as loss profit). Results show that in frequent item set A, B, D, EOQs of all three items increased when correlation among them is considered resulting in increase in profit. Conclusion: One of the major focus areas of inventory management is to determine when and how much quantity of items needs to be ordered so that total inventory cost can be minimized and profit of a firm can be maximized. However, while calculating the true value of an item and the profit it brings to the firm, it is very essential to analyze its effect on the sale of other items. Asso-ciation rule mining provides a way to correlate items by calculating support and confidence factor. Discussion: In inventory management system, for increasing the profit of a firm, EOQs of items need to be calculated in order to avoid shortage or excess of inventory. For explaining the approach a very small database is taken consisting of only 5 items and 10 transactions therefore the increase in profit is minimal however, when this approach applies on real database consisting of thousands of items and transactions, the increase in profit will be significant.

The O–C diagrams of minor planets − a new approach to modelling the rotation

1999 ◽  
Vol 173 ◽  
pp. 185-188
Author(s):  
Gy. Szabó ◽  
K. Sárneczky ◽  
L.L. Kiss
Keyword(s):  
Error Analysis ◽  
Time Dependence ◽  
Theoretical Work ◽  
Minor Planet ◽  
Minor Planets ◽  
New Approach ◽  
Preliminary Results ◽  
Ccd Observations

AbstractA widely used tool in studying quasi-monoperiodic processes is the O–C diagram. This paper deals with the application of this diagram in minor planet studies. The main difference between our approach and the classical O–C diagram is that we transform the epoch (=time) dependence into the geocentric longitude domain. We outline a rotation modelling using this modified O–C and illustrate the abilities with detailed error analysis. The primary assumption, that the monotonity and the shape of this diagram is (almost) independent of the geometry of the asteroids is discussed and tested. The monotonity enables an unambiguous distinction between the prograde and retrograde rotation, thus the four-fold (or in some cases the two-fold) ambiguities can be avoided. This turned out to be the main advantage of the O–C examination. As an extension to the theoretical work, we present some preliminary results on 1727 Mette based on new CCD observations.

Sign in / Sign up

Export Citation Format

Share Document