Relationship between inventory management and demand forecast

Toor, Harman and Luo, Clark (2018) Relationship between inventory management and demand forecast. Applied Management Conference, Hamilton, New Zealand, 23-25 October, 2018.

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Abstract or Summary

The study aims to achieve balance between inventory management and demand forecast to regulate operations effectively and efficiently at a franchise of retail grocery store. The study uses the qualitative research to obtain better results through interviews from resources to analyse the research properly. The main agenda of this research is to control inventory satisfactorily and recommend policies and plans to overcome problems and errors. The study found that there is lack of system running for proper management of inventory and demand forecasting. Lack of these systems affect the business badly by lowering sales revenue and reducing franchise goodwill. The study recommends that there should be an effective model and systems introduced in the operations to curb problems like being out of stock and holding excessive stock, which lead to more cost to the business. Best models for this store could be the just-in-time and the moving-average model. Introducing the systems could help the business to run effectively, but follow-up is the significant factor in applying new systems in any organisation. Developed processes and criteria should be used in implementing these models. Regular checking should be done to see the working of systems.

Item Type:Paper presented at a conference, workshop or other event, and published in the proceedings
Keywords that describe the item:inventory management, demand, business
Subjects:H Social Sciences > HF Commerce
Divisions:Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
ID Code:6479
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Deposited On:17 Dec 2018 23:13
Last Modified:17 Dec 2018 23:13

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