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Validation of a demand forecasting method based on a stochastic process using real-world data
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Y. Zheng
Veröffentlicht/Copyright:
21. Juni 2010
Abstract
Demand-forecasting problems frequently arise in logistics and supply chain management. The Newsboy problem is one such problem. In this paper, we present an improved solution method by application of the Black–Scholes model incorporating a stochastic process used in financial engineering for option pricing. The proposed model is shown to be effective through numerical experiments using real-world data.
Keywords:: demand prediction; stochastic process; Newsboy problem; Black–Scholes model; loss evaluation
Received: 2009-08-19
Revised: 2010-01-18
Published Online: 2010-06-21
Published in Print: 2010-June
© de Gruyter 2010
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Artikel in diesem Heft
- Hierarchical quadrature for multidimensional singular integrals
- A posteriori error majorants for approximations of the evolutionary Stokes problem
- Localised FE-analysis of Strang's problem based on Lagrange techniques
- Validation of a demand forecasting method based on a stochastic process using real-world data
Schlagwörter für diesen Artikel
demand prediction;
stochastic process;
Newsboy problem;
Black–Scholes model;
loss evaluation
Artikel in diesem Heft
- Hierarchical quadrature for multidimensional singular integrals
- A posteriori error majorants for approximations of the evolutionary Stokes problem
- Localised FE-analysis of Strang's problem based on Lagrange techniques
- Validation of a demand forecasting method based on a stochastic process using real-world data
