A Bayesian Approach Proposal For Inventory Cost and Demand Forecasting

Sinan Apak

Alphanumeric Journal, 2015, vol. 3, issue 2, 41-48

Abstract: Technology’s perpetual vicissitude and product models’ distinction in industrial market have a crucial effect on forecasting demand for spare components. In order to set forth the future demand rates for products, inventory managers repetitively update their prognostications. Bayesian model is utilizing a prior probability distribution for the injunctive authorization rate which was habituated in order to get optimum levels of account over a number of periods. However, under sundry demand rates like intermittent demand, Bayesian Model’s performance has not been analyzed. With the help of a research question, the study investigates that circumstance.

Keywords: Bayesian Model; Forecasting; Inventory; Probability Distribution (search for similar items in EconPapers)
JEL-codes: C11 C18 C53 (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:anm:alpnmr:v:3:y:2015:i:2:p:41-48

DOI: 10.17093/aj.2015.3.2.5000140055

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