Demand Planning Falcon

Precise stochastic demand calculation with a newly developed digital planning method

Alexander Schmid, Thomas Sobottka, Samuel Luthe, Wilfried Sihn
JournalIndustrie 4.0 Management
Issue Volume 38, 2022, Edition 6, Pages 47-50
Open Accesshttps://doi.org/10.30844/IM_22-6_47-50
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Abstract

Precise stochastic demand calculation is the key to successful material planning, i. e. to always have exactly the right quantity on hand. However, decision-makers are faced with the dilemma of which of the many forecasting methods they should use, adapted to the item properties as much as possible. This paper examines the optimization potential of a self-developed automatically optimizing forecasting approach based on ten common forecasting methods, which are evaluated using two case studies from the capital goods industry.

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Bibliography

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