Improvement of inventory control and forecast according to activity-based classifications: T company as an example

Huang, Jui-Chan; Wu, Tai; Chiu, Yen-Chun; Lu, Chun-Wei

doi:10.1063/1.4981954

Cited by 5 publications

(7 citation statements)

References 3 publications

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“…Forecasting methods are useful aid in decision making under scenarios of uncertainty [17,18]. They reduce uncertainty about the future, allowing the implementation of actions in line with the organization's best interests [18][19][20]. As it has been mentioned, three forecasting techniques were evaluated and compared (moving average method, weighted moving average method and exponential smoothing model) to identify the technique that minimizes the mean squared error and so, use it to calculate the total cost of inventory and the security stock.…”

Section: Forecasting Methodsmentioning

confidence: 99%

“…"Moving" indicates that, while a new observation is available, it replaces the oldest observation, and a new average is calculated. As a result, the average will change, as new observations emerge [18][19][20].…”

Section: Forecasting Methodsmentioning

confidence: 99%

“…It is a technique appropriate for forecasting data with no trend and is also suitable when there is little data available. In this model, the forecast for the next period F n + 1 is equal to a weighted average between the most recent observation x n and the most recent forecast F n [19,21], so that it can be calculated as follow:…”

Section: Exponential Smoothing Model (Es)mentioning

confidence: 99%

See 2 more Smart Citations

An optimization approach for inventory costs in probabilistic inventory models: A case study

Pulido-Rojano

Pizarro-Rada

Padilla-Polanco

et al. 2020

Ingeniare. Rev. chil. ing.

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Section: Forecasting Methodsmentioning

confidence: 99%

Section: Forecasting Methodsmentioning

confidence: 99%

Section: Exponential Smoothing Model (Es)mentioning

confidence: 99%

See 1 more Smart Citation

An optimization approach for inventory costs in probabilistic inventory models: A case study

Pulido-Rojano

Pizarro-Rada

Padilla-Polanco

et al. 2020

Ingeniare. Rev. chil. ing.

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show abstract

“…According to Huang et al [50], the fixed-time period ordering is conducted at a fixed and predetermined interval with some assumption such as 1) a variable demand, 2) a regular Lead time, 3) an ordering to restock the system to its full capacity, 4) non fixed ordered quantity, while the order timing is fixed, 5) the ordered quantity is much lower than the safety levels.…”

Section: Fixed-time Period Model (P Model)mentioning

confidence: 99%

Inventory Management Concepts and Implementations: A Systematic Review

Munyaka

Yadavalli

2022

SAJIE

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Inventory is a central management function. It is a cornerstone of supply chain management and logistics in the material management system. Depending on the organisational objectives, inventories in warehouses may be needed to fulfil customer or humanitarian demands. Controlling inventory is critical to operational success and organisational performance. This research reviews inventory management concepts and implementations in the face of increasingly demanding human need. Demand is a critical variable in the inventory control system, and its characteristics affect inventory treatment. Important demand characteristics include its level of certainty, which could be deterministic (i.e., known with certainty) or stochastic/Bayesian (i.e., known but uncertain), and its structural dependency (i.e., independent or dependent). This review considers the deterministic independent and dependent natures of demand and their respective impact on inventory management in operations Keywords Inventory Management, Decision Making process, Supply Chain Management, Deterministic demand model, Independent inventory demand, Dependent Inventory demand,

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“…Jui-Chang Hun et al were proposed an improvement model in inventory model with a company example [15]. This study aims to help companies improve inventory control.…”

Section: Related Workmentioning

confidence: 99%

Smart Advisor: An Intelligent Inventory Prediction Based On Regression Model

Küçük

Kiani

2018

IJMLNCE

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Today one of the biggest expense items of the enterprises is raw material and stock amounts. Therefore, proper inventory management is very important for the profitability of the enterprises. Products that are not purchased on time cause interruptions in production and products left over because the expiration date has passed will also cause losses for businesses. Therefore, proper inventory management is critical for profit / loss situations of businesses. In this paper we presented a model to predict the demand of certain stock items by using a regression model. Our model can analysis and computer the prediction results on agiven dataset. We evaluate our model on sample dataset and provide the analysis as well calculations over the existing inventory. Accurate analysis of stock consumption enables accurate estimation of the amount of stock to be consumed in the future. Accurate forecasting of stock consumption helps to take corrective steps in decision making. That is, it only allows you to buy in sufficient quantity when necessary. These stages are critical for economic stock management. For this reason, robust and adaptable approaches that can provide models ensure that stock consumption can be managed properly. It is difficult to find previously written sources on estimating the direction of stock movements. One of the most important reasons for this is the lack of incentive to make such studies in the academic literature. As a result, articles written about the subject and the work done have been limited, the results have not reached the reproducible level.

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Improvement of inventory control and forecast according to activity-based classifications: T company as an example

Cited by 5 publications

References 3 publications

An optimization approach for inventory costs in probabilistic inventory models: A case study

An optimization approach for inventory costs in probabilistic inventory models: A case study

Inventory Management Concepts and Implementations: A Systematic Review

Smart Advisor: An Intelligent Inventory Prediction Based On Regression Model

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