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A Forecasting Method for Management of Seasonal Style-Goods Inventories

Author

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  • D. B. Hertz

    (Arthur Andersen & Co., New York, New York)

  • K. H. Schaffir

    (Arthur Andersen & Co., New York, New York)

Abstract

Because of high obsolescence costs, optimum decisions on the amounts of highly seasonal, styled items to place into inventory in anticipation of customer orders hinge primarily on the probabilities of selling these amounts before the end of the season. In a study of the operations of a textile manufacturer, methods, were developed for determining (based on sales data) the duration and timing of the selling seasons, and for forecasting total sales for the season for each individual item in the line, at different probability levels. From these, criteria for weekly re-evaluation of inventories are established.

Suggested Citation

  • D. B. Hertz & K. H. Schaffir, 1960. "A Forecasting Method for Management of Seasonal Style-Goods Inventories," Operations Research, INFORMS, vol. 8(1), pages 45-52, February.
    • Handle: RePEc:inm:oropre:v:8:y:1960:i:1:p:45-52
    DOI: 10.1287/opre.8.1.45
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    Cited by:

    1. Avittathur, Balram & Biswas, Indranil, 2017. "A note on limited clearance sale inventory model," International Journal of Production Economics, Elsevier, vol. 193(C), pages 647-653.
    2. Petruzzi, Nicholas & Monahan, George E., 2002. "Managing Fashion Goods Inventories:," Working Papers 02-0117, University of Illinois at Urbana-Champaign, College of Business.
    3. Mostard, Julien & Teunter, Ruud & de Koster, René, 2011. "Forecasting demand for single-period products: A case study in the apparel industry," European Journal of Operational Research, Elsevier, vol. 211(1), pages 139-147, May.
    4. Hu, Fei & Lim, Cheng-Chew & Lu, Zudi, 2014. "Optimal production and procurement decisions in a supply chain with an option contract and partial backordering under uncertainties," Applied Mathematics and Computation, Elsevier, vol. 232(C), pages 1225-1234.
    5. Jiri Chod & David Pyke & Nils Rudi, 2010. "The Value of Flexibility in Make-to-Order Systems: The Effect of Demand Correlation," Operations Research, INFORMS, vol. 58(4-part-1), pages 834-848, August.

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