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Periodic control of intermittent demand items: theory and empirical analysis

Syntetos, Argyrios, Babai, M. Z., Dallery, Y. and Teunter, R. 2009. Periodic control of intermittent demand items: theory and empirical analysis. Journal of the Operational Research Society 60 (5) , pp. 611-618. 10.1057/palgrave.jors.2602593

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Abstract

In this paper we propose a modification to the standard forecasting, periodic order-up-to-level inventory control approach to dealing with intermittent demand items, when the lead-time length is shorter than the average inter-demand interval. In particular, we develop an approach that relies upon the employment of separate estimates of the inter-demand intervals and demand sizes, when demand occurs, directly for stock control purposes rather than first estimating mean demand and then feeding the results in the stock control procedure. The empirical performance of our approach is assessed by means of analysis on a large demand data set from the Royal Air Force (RAF, UK). Our work allows insights to be gained on the interactions between forecasting and stock control as well as on demand categorization-related issues for forecasting and inventory management purposes.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HD Industries. Land use. Labor
Uncontrolled Keywords: intermittent demand, forecasting, periodic stock control, military logistics, lead-time
Publisher: Palgrave Macmillan
ISSN: 0160-5682
Last Modified: 04 Jun 2017 04:38
URI: http://orca.cf.ac.uk/id/eprint/42076

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