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Comparing inventory demand forecasts

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Author
Zehna, Peter W.
Taylor, Charles Floyd
Date
1975-05
Metadata
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Abstract
Continued efforts to compare exponential smoothing with other alternatives to demand forecasting are summarized. Using stock-out risk at one extreme and oversupply at the other, the effects of variability in forecasting, even when accurate with respect to the mean, are highlighted. Using a normal model, exponential smoothing is identified as a major source of variability. Various forecast methods are compared using simulation relative to mean squared error when mean demand is allowed to vary according to specified patterns. In almost all circumstances, exponential smoothing consistently emerges as a first choice. The same alternatives are compared using real demand data and the results show exponential smoothing and maximum likelihood to be essentially equivalent
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This publication is a work of the U.S. Government as defined in Title 17, United States Code, Section 101. Copyright protection is not available for this work in the United States.
URI
http://hdl.handle.net/10945/29221
NPS Report Number
NPS55Ze75051
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    Forecasting errors using MAD 

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    The report contains a study devoted to a comparison of exponential smoothing with other alternatives to demand forecasting. Special attention is paid to the stock-out risks assumed whenever reorder levels are set using the ...
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