Inventory Planning with Forecasting Expenditure

The reference text highlights the importance of including forecasting expenditure in regular planning process such as the cyclic process for an organization. It will be an ideal reference text for senior undergraduate, graduate students and professionals in the field of industrial engineering, production engineering and manufacturing engineering.

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In industrial or business cases, purchasing and procurement are significant functions. Usually, a procurement plan is prepared based on certain predictions of consumption patterns or demand. When this plan is implemented, the benefit is obtained corresponding to forecast accuracy. In the available literature, forecasting accuracy is frequently discussed. A need is established to link forecasting accuracy with forecasting expenditures. After an explicit inclusion of the forecasting expenditure, this book describes inventory planning for procurement and production.

FEATURES






Discusses forecasting expenditure in detail



Provides an analysis of reduction and increase in forecasting expenditures



Highlights advanced concepts that include procurement inventory, production planning, and priority planning in detail



Examines an approach in relation to the inclusion of an explicit cost of forecasting



Covers total cost formulation, modified total cost, relevant index, threshold value, and cost of forecasting in a comprehensive manner with the help of examples

Inventory Planning with Forecasting Expenditure is useful for undergraduate and postgraduate students in engineering and management and has potential for elective and supplementary core courses.