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A Bayesian Approach Proposal For Inventory Cost and Demand Forecasting

Author

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  • Sinan Apak

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.

Suggested Citation

  • Sinan Apak, 2015. "A Bayesian Approach Proposal For Inventory Cost and Demand Forecasting," Alphanumeric Journal, Bahadir Fatih Yildirim, vol. 3(2), pages 41-48, December.
  • Handle: RePEc:anm:alpnmr:v:3:y:2015:i:2:p:41-48
    DOI: http://dx.doi.org/10.17093/aj.2015.3.2.5000140055
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    More about this item

    Keywords

    Bayesian Model; Forecasting; Inventory; Probability Distribution;

    JEL classification:

    • C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
    • C18 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Methodolical Issues: General
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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