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Demand Forecasting and Inventory Control : A Computer Aided Learning Approach (Oliver Wight Manufacturing)

Demand Forecasting and Inventory Control : A Computer Aided Learning Approach (Oliver Wight Manufacturing)

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A practical, hands-on reference to the latest tools and techniques of demand forecasting

Presenting an up-to-date overview of demand forecasting, this comprehensive primer is an ideal resource for those who need in-depth information and hands-on training. Covering the latest developments in field techniques—and featuring software that includes helpful short-term forecasting models and inventory control scenarios—Demand Forecasting and Inventory Control includes complete details on:

  • Forecasting in stationary demand situations
  • Medium-term forecasting for growth and seasonality
  • Implementing the re-order level (ROL) policy
  • Using the Economic Order Quantity (EOQ) to establish replenishment quantity values
  • Interpretingservice levels based on simple statistical concepts
  • Establishing the value of the review period and maximum stock level
  • Selecting the most appropriate inventory control policy
  • OPSCON—a computer-friendly learning package

forecasting is a crucial method for managing inventory control. It is an essential skill for all operations and manufacturing professionals, as well as those professionals in distribution and logistics. This practical reference offers an up-to-date and thoroughly accessible overview of this key concept, covering both theory and practice from current demand forecasting methods. The author, a seasoned expert in the field, provides complete details on the links between forecasts produced by analyzing demand dataand the various methods by which this information—in conjunction with cost material on stocked items—is used to establish workable parameters for the most commonly used inventory control systems.

In Demand Forecasting and Inventory Control, Colin D. Lewis takes an in-depth look at the family of short-term forecasting models that are based on the exponentially weighted average and its many variants. With sample data that includes calculations necessary for hands-on applications, Lewis takes you step by step through a variety of essential processes, among them how to forecast in stationary demand situations, plus how to relate forecast and demand data to specific time periods. You'll also learn how to assess the validity and accuracy of selected forecasting models. In addition, Lewis examines a group of medium-term forecasting models based on a time-series, curve-fitting approach. The group encompasses, among other key topics, regression analysis, straight-line trend forecasts, and seasonality.

Additional sections on inventory control investigate the re-order level policy and re-order cycle policy, illustrating how they can be operated at minimum cost while offering a high level of customer service. Special consideration is given tothe hybrid (s/S) inventory control policy and to the situation characterized by such items as slow moving spares—where the demand for a single unit can be expressed by an average interval between issues as long as 20 years.

To aid your understanding of the techniques and methods described, Demand Forecasting and Inventory Control contains a user-friendly computer learning package called OPSCON (Operations Planning and Control). Aimed at practitioners, as well as students who want to understand the processes behind the software they use, OPSCON features a number of short-term forecasting models and inventory control scenarios that enable you to establish solid policy parameters using either your own data or demonstration data.

Packed with helpful examples, easy-to-read graphs, and sample calculations, Demand Forecasting and Inventory Control is an indispensable primer for everyone who needs to get a firm grasp on the principles, fundamentals, and applications of this increasingly vital concept.