Quantitative forecasting techniques see their greatest applicationas part of production and inventory systems. Perhaps unfortunately, theproblem has been left to systems analysts while the professionalsocieties have contented themselves with exhortations to improveforecasting, neglecting recent developments from forecasting research.However, improvements in accuracy have a direct and often substantialfinancial impact. This article shows how the production and inventorycontrol forecasting problem differs from other forecasting applicationsin its use of information and goes on to consider the characteristics ofinventory type data. No single forecasting method is suited to all dataseries and the article then discusses how recent developments inforecasting methodology can improve accuracy. Considers approaches toextending the database beyond just the timeseries history of the dataseries. Concludes with a discussion of an idealforecasting system and how far removed many popular programs used inproduction and inventory control are from this ideal.
International Journal of Operations & Production Management – Emerald Publishing
Published: May 1, 1992
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