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An Approach To Modeling The Probable Consumers Demand Of Food Products Using Pearson Distribution System And Johnson Distribution System

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  • Julieta MIHAYLOVA

    (Department of Statistics and Applied Mathematics, Univercity of Economics - Varna, Bulgaria)

Abstract

To meet the random consumers demand the distributors maintain inventory. For optimal inventory control under random demand it is necessary to know the cumulative distribution function (CDF). The practical determination of CDF is related with a number of difficulties. This paper proposes a way to construct a probability distribution function of demand. Data on weekly sales of over 400 types of food products over a period of five years in a small distribution company were analyzed. The ARIMA model was used for primary analysis of the consumption data. Random variables are modeled using Pearson Distribution System and Johnson Distribution System and can be used to determine inventory management strategies.

Suggested Citation

  • Julieta MIHAYLOVA, 2023. "An Approach To Modeling The Probable Consumers Demand Of Food Products Using Pearson Distribution System And Johnson Distribution System," Business & Management Compass, University of Economics Varna, issue 3, pages 213-223.
    • Handle: RePEc:vrn:journl:y:2023:i:3:p:213-223
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    References listed on IDEAS

    as
    1. Nick T. Thomopoulos, 2015. "Demand Forecasting for Inventory Control," Springer Books, Springer, edition 127, number 978-3-319-11976-2, October.
    2. Nick T. Thomopoulos, 2015. "Demand Forecasting for Inventory Control," Springer Books, in: Demand Forecasting for Inventory Control, edition 127, chapter 1, pages 1-10, Springer.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Food distribution; ARIMA model; Pearson distribution system; Johnson distribution system;
    All these keywords.

    JEL classification:

    • C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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