A new hybrid forecasting method for spare part inventory management using heuristics and bootstrapping

Affonso, Tássia Bolotari; Conceição, Samuel Vieira; Muniz, Leandro Reis; de Freitas Almeida, João Flávio; de Lima, Juliana Cássia

doi:10.1016/j.dajour.2024.100415

Decision Analytics Journal

2024

DOI: 10.1016/j.dajour.2024.100415

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A new hybrid forecasting method for spare part inventory management using heuristics and bootstrapping

Tássia Bolotari Affonso,

Samuel Vieira Conceição,

Leandro Reis Muniz

et al.

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2024

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Research on Inventory Sustainable Development Strategy for Maximizing Cost-Effectiveness in Supply Chain

Tao,

Liu,

Zhou

et al. 2024

Sustainability

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This study addresses the challenges of the expanding global online retail market by developing an innovative inventory management strategy that promotes sustainable development. We propose an integrated planning model that utilizes a newly enhanced Parallel Chicken Swarm Optimization (PCSO) algorithm alongside the established Economic Order Quantity (EOQ) model and the (s, S) inventory policy. Our model demonstrates its effectiveness through simulation experiments, showcasing its ability to dynamically adjust inventory thresholds based on daily forecasted demand, which significantly optimizes replenishment strategies. Notably, our model achieves a total cost reduction while maintaining a high service level of 0.761467 and reduces computational time to 82.32 s, highlighting its efficiency and adaptability. The innovation of this research lies in the application of the PCSO algorithm to dynamically manage inventory in real-time, aligning with sustainable inventory management practices. This study significantly contributes to the field by enhancing the economic and environmental sustainability of supply chain operations.

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Research on Inventory Sustainable Development Strategy for Maximizing Cost-Effectiveness in Supply Chain

Tao,

Liu,

Zhou

et al. 2024

Sustainability

View full text Add to dashboard Cite

show abstract

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A new hybrid forecasting method for spare part inventory management using heuristics and bootstrapping

Cited by 1 publication

References 35 publications

Research on Inventory Sustainable Development Strategy for Maximizing Cost-Effectiveness in Supply Chain

Research on Inventory Sustainable Development Strategy for Maximizing Cost-Effectiveness in Supply Chain

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