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Theory Of Inventory Management Based On Demand Forecasting

Author

Listed:
  • Sebastian Kot

    (Czestochowa University of Technology)

  • Katarzyna Grondys

    (Czestochowa University of Technology)

  • Romuald Szopa

    (Czestochowa University of Technology)

Abstract

Efficient management of supply chains consists in particular in ensuring possibly highest quality of customer service and striving for minimization of the costs generated by flow between the links. Typical cause of constantly increasing costs is excessive inventory levels throughout the chain. The reason for this situation is maladjustment of the level of supply to the level of demand in the market, which results in surplus stock. The starting point for reduction in inventory levels is forecasting of demand in the market through market prognoses in cooperation with all the links in the supply chain. Therefore, in the aspect of demand forecasting, the character of data flow and the type of cooperation between the links is essential.

Suggested Citation

  • Sebastian Kot & Katarzyna Grondys & Romuald Szopa, 2011. "Theory Of Inventory Management Based On Demand Forecasting," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 3(1), pages 148-156, May.
    • Handle: RePEc:pcz:journl:v:3:y:2011:i:1:p:148-156
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    Citations

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    Cited by:

    1. Sebastian Wieczerniak & Piotr Cyplik & Jaroslaw Milczarek, 2018. "Mistakes During The Management Of Supply Chains And Methods Of Analysis These Reasons," Business Logistics in Modern Management, Josip Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, vol. 18, pages 565-582.
    2. Róbert Štefko & Radovan Baèík & Igor Fedorko, 2014. "Facebook Content Analysis Of Banks Operating On Slovak Market," Polish Journal of Management Studies, Czestochowa Technical University, Department of Management, vol. 10(1), pages 145-152, December.
    3. Mária Stopková & Ondrej Stopka & Vladimír Ľupták, 2019. "Inventory Model Design by Implementing New Parameters into the Deterministic Model Objective Function to Streamline Effectiveness Indicators of the Inventory Management," Sustainability, MDPI, vol. 11(15), pages 1-15, August.
    4. Usman Ali & Bashir Salah & Khawar Naeem & Abdul Salam Khan & Razaullah Khan & Catalin Iulian Pruncu & Muhammad Abas & Saadat Khan, 2020. "Improved MRO Inventory Management System in Oil and Gas Company: Increased Service Level and Reduced Average Inventory Investment," Sustainability, MDPI, vol. 12(19), pages 1-19, September.
    5. Inna Babenko Viktorovna & Pavel Pochechun Ivanovich, 2016. "Issues of Forming Inventory Management System in Small Businesses," International Review of Management and Marketing, Econjournals, vol. 6(3), pages 522-527.
    6. Iga Kott, 2013. "Application Of Modern It Technologies In Logistics Enterprises In Poland," Advanced Logistic systems, University of Miskolc, Department of Material Handling and Logistics, vol. 7(1), pages 51-56, December.

    More about this item

    Keywords

    dependent and independent inventory; demand forecasting;

    JEL classification:

    • A00 - General Economics and Teaching - - General - - - General
    • E00 - Macroeconomics and Monetary Economics - - General - - - General

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