Inventory forecasting with a multiple criteria decision tool

✍ Scribed by Jukka Korpela; Markku Tuominen

• Publisher: Elsevier Science
• Year: 1996
• Tongue: English
• Weight: 951 KB
• Volume: 45
• Category: Article
• ISSN: 0925-5273
• DOI: 10.1016/0925-5273(95)00136-0

✦ Synopsis

The strategic role of logistics is incrcasingl) being rccognised. and inventory stratcg! k an essential clcmcnt of logistics stratcgq. Demand forecasting is one of the most crucial issucs ofinventory managcmont as forecasts form the basis for the planning of production. transportation and inventory lcvcls. The traditional methods used for forwasting include time series methods and causal methods. In the paper. \c't' present an Analytic IHierarchy Pmccss-based approach to demand forecasting. The proposed decision support system oli'ers many improvements compared to traditional methods. such as the possibility to include both tangible and intangible factors in the forecasting process. and the ability to make predictions about the future dcvclopmcnt of the cnvironmcntal factors.