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Periodic forecast and feedback to maintain target inventory level

Author

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  • Matuyama, Keisuke
  • Sumita, Tomofumi
  • Wakayama, Daiki

Abstract

In cases when a target inventory level is given and the demand is uncertain, it is difficult to provide an appropriate forecast and control policy that ensures a convergence to the inventory target. In this paper two different forecast formulae combined with two different feedback policies are investigated for a periodic review inventory system. A comparison based on analytical and simulation results is presented showing that the form of feedback is critical in case of large demand uncertainty.

Suggested Citation

  • Matuyama, Keisuke & Sumita, Tomofumi & Wakayama, Daiki, 2009. "Periodic forecast and feedback to maintain target inventory level," International Journal of Production Economics, Elsevier, vol. 118(1), pages 298-304, March.
    • Handle: RePEc:eee:proeco:v:118:y:2009:i:1:p:298-304
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    References listed on IDEAS

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    1. Bonney, Maurice & Popplewell, Keith & Matoug, Mahmoud, 1994. "Effect of errors and delays in inventory reporting on production system performance," International Journal of Production Economics, Elsevier, vol. 35(1-3), pages 93-105, June.
    2. Bonney, M. C., 1994. "Trends in inventory management," International Journal of Production Economics, Elsevier, vol. 35(1-3), pages 107-114, June.
    3. Herbert J. Vassian, 1955. "Application of Discrete Variable Servo Theory to Inventory Control," Operations Research, INFORMS, vol. 3(3), pages 272-282, August.
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    Cited by:

    1. Fernandes, Rui & Gouveia, Borges & Pinho, Carlos, 2010. "Modeling Overstock," MPRA Paper 25126, University Library of Munich, Germany.

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