search query: @author Wein, L. M. / total: 9
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| Author: | Toktay, L. B. Wein, L. M. |
| Title: | Analysis of a Forecasting-Production-Inventory System with Stationary Demand |
| Journal: | Management Science
2001 : SEP, VOL. 47:9, p. 1268-1281 |
| Index terms: | FORECASTING PRODUCTION INVENTORIES QUEUING THEORY |
| Language: | eng |
| Abstract: | The authors consider a production stage that produces a single item in a make-to-stock manner. Demand for finished goods is stationary. In each time period, an updated vector of demand forecasts over the forecast horizon becomes available for use in production decisions. The authors model the sequence of forecast update vectors using the Martingale model of forecast evolution developed by Graves et al. (1986,1998) and Heath and Jackson (1994). The production stage is modeled as a single-server, discrete-time, continuous- state queue. The authors focus on a modified base-stock policy incorporating forecast information and use an approximate analysis rooted in heavy traffic theory and random walk theory. |
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