A Bayesian Approach Proposal For Inventory Cost And Demand Forecasting

Journal Title: Alphanumeric Journal - Year 2015, Vol 3, Issue 2

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.

Authors and Affiliations

Sinan Apak

Keywords

Related Articles

A Solution To Rational Decision Making Via Compositional Data Analysis: A Case Study Using Students Cellular Phone Tendencies

Decisions can be simple or complex depending on the alternatives available to the decision maker, and also, to the different state of the worlds. In classical decision theory, a pay-off table is analysed in order to make...

Determination of Effective Critical Factors in Successful Efficiency Measurement of University Departments by Using Fuzzy DEMATEL Method

Successful efficiency measurement of university departments is very important issue in today’s globalised world and depends on paying high attention on critical input and output factors affecting efficiency measurement....

A Low Cost Mobile Patient Monitoring System Proposal For Healthcare

In this study, a mobile patient monitoring system is proposed especially for medium-sized hospitals. The proposed system is relatively low cost, and thus does not causes an additional burden on patients. This system cont...

Determining Strategy Based Supplier Pre-Qualification Criteria With Fuzzy Relational Maps

Supplier Selection is one of the most studied areas in management and decision sciences. However, it is still a highly problematic subject since decision-makers take an educated guess after a certain stage in real life p...

Joinpoint Regression Analysis and an Application on Istanbul Stock-Exchange

Joinpoint Regression Analysis is one of the statistical methods used to identify the best-fitting points if there is a statistically significant change in the trend. The aim of this study is to apply joinpoint regression...

Download PDF file
  • EP ID EP196126
  • DOI 10.17093/aj.2015.3.2.5000140055
  • Views 121
  • Downloads 0

How To Cite

Sinan Apak (2015). A Bayesian Approach Proposal For Inventory Cost And Demand Forecasting. Alphanumeric Journal, 3(2), 41-48. https://europub.co.uk/articles/-A-196126