A methodology for stochastic inventory modelling with ARMA triangular distribution for new products

This paper proposes a stochastic inventory policy of continuous review with random demand described with temporal dependence through an autoregressive moving average (ARMA) model with explicative variables, of usefulness in new products without a history of demand data, assuming a triangular distrib...

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Autor principal:	Fernando Rojas
Formato:	article
Lenguaje:	EN
Publicado:	Taylor & Francis Group 2017
Materias:	arma model continuous review triangular distribution Business HF5001-6182 Management. Industrial management HD28-70
Acceso en línea:	https://doaj.org/article/6a0796920eec4aaba1fea9ef9bdd8bf9
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spelling	oai:doaj.org-article:6a0796920eec4aaba1fea9ef9bdd8bf92021-12-02T14:35:46ZA methodology for stochastic inventory modelling with ARMA triangular distribution for new products2331-197510.1080/23311975.2016.1270706https://doaj.org/article/6a0796920eec4aaba1fea9ef9bdd8bf92017-01-01T00:00:00Zhttp://dx.doi.org/10.1080/23311975.2016.1270706https://doaj.org/toc/2331-1975This paper proposes a stochastic inventory policy of continuous review with random demand described with temporal dependence through an autoregressive moving average (ARMA) model with explicative variables, of usefulness in new products without a history of demand data, assuming a triangular distribution. Optimization of the cost function related to the inventory model is obtained considering the expected value and variance marginal stationary of the demand per unit time and stochastic programming. The proposed policy is exemplified with real-world demand data from a Chilean hospital, where the demand of products (drugs) are correlated with other products and autocorrelated. The proposed methodology shows a useful tool for administrators who must decide optimal batch sizes and their reorder points when there is a low availability of demand data and is known to have a temporal structure.Fernando RojasTaylor & Francis Grouparticlearma modelcontinuous reviewtriangular distributionBusinessHF5001-6182Management. Industrial managementHD28-70ENCogent Business & Management, Vol 4, Iss 1 (2017)
institution	DOAJ
collection	DOAJ
language	EN
topic	arma model continuous review triangular distribution Business HF5001-6182 Management. Industrial management HD28-70
spellingShingle	arma model continuous review triangular distribution Business HF5001-6182 Management. Industrial management HD28-70 Fernando Rojas A methodology for stochastic inventory modelling with ARMA triangular distribution for new products
description	This paper proposes a stochastic inventory policy of continuous review with random demand described with temporal dependence through an autoregressive moving average (ARMA) model with explicative variables, of usefulness in new products without a history of demand data, assuming a triangular distribution. Optimization of the cost function related to the inventory model is obtained considering the expected value and variance marginal stationary of the demand per unit time and stochastic programming. The proposed policy is exemplified with real-world demand data from a Chilean hospital, where the demand of products (drugs) are correlated with other products and autocorrelated. The proposed methodology shows a useful tool for administrators who must decide optimal batch sizes and their reorder points when there is a low availability of demand data and is known to have a temporal structure.
format	article
author	Fernando Rojas
author_facet	Fernando Rojas
author_sort	Fernando Rojas
title	A methodology for stochastic inventory modelling with ARMA triangular distribution for new products
title_short	A methodology for stochastic inventory modelling with ARMA triangular distribution for new products
title_full	A methodology for stochastic inventory modelling with ARMA triangular distribution for new products
title_fullStr	A methodology for stochastic inventory modelling with ARMA triangular distribution for new products
title_full_unstemmed	A methodology for stochastic inventory modelling with ARMA triangular distribution for new products
title_sort	methodology for stochastic inventory modelling with arma triangular distribution for new products
publisher	Taylor & Francis Group
publishDate	2017
url	https://doaj.org/article/6a0796920eec4aaba1fea9ef9bdd8bf9
work_keys_str_mv	AT fernandorojas amethodologyforstochasticinventorymodellingwitharmatriangulardistributionfornewproducts AT fernandorojas methodologyforstochasticinventorymodellingwitharmatriangulardistributionfornewproducts
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A methodology for stochastic inventory modelling with ARMA triangular distribution for new products

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