Periodic forecast and feedback to maintain target inventory level

Keisuke Matuyama, Tomofumi Sumita and Daiki Wakayama

International Journal of Production Economics, 2009, vol. 118, issue 1, 298-304

Abstract: In cases when a target inventory level is given and the demand is uncertain, it is difficult to provide an appropriate forecast and control policy that ensures a convergence to the inventory target. In this paper two different forecast formulae combined with two different feedback policies are investigated for a periodic review inventory system. A comparison based on analytical and simulation results is presented showing that the form of feedback is critical in case of large demand uncertainty.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eee:proeco:v:118:y:2009:i:1:p:298-304

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