Materials inventory optimization using various forecasting techniques and purchasing quantity in packaging industry
Melissa Christian Dinata,
Suharjito Suharjito
Abstract:Purpose: This paper studies the problem that occurs on material purchase quantity in price uncertainty situation. Larger buying quantity when the price at high will increase the purchase amount while smaller buying quantity could risk the inventory level. The decision on the purchase quantity of a cycle takes future price as input from price prediction output.Design/methodology/approach: This paper examines five price prediction models, Classification and Regression Tree (CART), Random Forest Regressor (RFR), … Show more
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