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
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- EP ID EP196126
- DOI 10.17093/aj.2015.3.2.5000140055
- Views 115
- Downloads 0
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