摘要 |
A method of maintaining an inventory of a consumable in a production environment may include identifying a demand distribution for a consumable in a production environment, identifying a lead time period for replenishing the consumable and selecting, from a plurality of candidate parameters, a control parameter that is a function of total inventory management cost so that the selected control parameter corresponds to a lowest determined total inventory management cost. The method may also include using a forecasting model to automatically forecast a total future demand value for the consumable based on the demand distribution, the lead time period and a standard error of forecasting adjusted by the selected control parameter, determining whether additional inventory is needed based on at least the total forecasted future demand value and an inventory position and, if additional inventory is needed, generating an order for the consumable.
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