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Demand forecasting adjustments for service-level achievement

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<mark>Journal publication date</mark>2008
<mark>Journal</mark>IMA Journal of Management Mathematics
Issue number2
Volume19
Number of pages17
Pages (from-to)175-192
Publication StatusPublished
Early online date6/12/07
<mark>Original language</mark>English

Abstract

Demand forecasting and stock control are traditionally examined as independent of each other. Even though this weakness has been highlighted in the academic literature, little empirical work has been conducted on forecasting adjustments addressing the interaction between forecasting and stock control. In this paper, the relevant literature is critically reviewed. Subsequently, the empirical performance of some modifications and adjustments, on slow-moving items, is examined in detail. The data set consists of the individual demand histories of 753 intermittent line items from the Royal Air Force (UK). Overall, the results indicate that there is a scope for improving the performance of parametric stock control systems, and adjustments are indeed required in order to account for the interaction between forecasting and stock control.

Bibliographic note

Accepted 03/10/2007.