Forecasting for Inventory Planning under Correlated Demand
Published Online: 14 JAN 2011
Copyright © 2010 John Wiley & Sons, Inc. All rights reserved.
Wiley Encyclopedia of Operations Research and Management Science
How to Cite
Baykal-Gürsoy, M. and Erkip, N. K. 2011. Forecasting for Inventory Planning under Correlated Demand. Wiley Encyclopedia of Operations Research and Management Science. .
- Published Online: 14 JAN 2011
In this article, we review inventory planning approaches in order to find out demand-forecasting requirements. We consider single- and multi-item supply chains under stationary and nonstationary, correlated demand. We also examine Martingale model of forecast evolution (MMFE), which is a way for modeling forecasts. We then summarize forecasting procedures that will be helpful in realizing the aforementioned inventory models.
- multi-item systems;
- multiechelon systems;
- forecast evolution;
- Martingale model of forecast evolution (MMFE)