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Predicting spare parts demand for the time period after production ceased is a central issue in supply chain management in order to reduce costs in terms of storage, transportation, Meden, finance and to Msnden a desired level of customer satisfaction. This paper evaluates machine learning approaches to i find patterns in and ii forecast demands for a large dataset of master and consumption data from stemming from a big manufacturer of household goods.
More specifically, we apply different clustering methodologies with varying distance measures and parameter calibrations to determine products that share similarities in terms of i master data and ii consumption patterns.
To this end, we use diffusion models and artificial neural networks.
Our results indicate that this step-wise approach of combining clustering and forecasting methods yields significantly better forecasting results than a baseline model and improves the spare parts planning and controlling process.
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TarassowEvaluating the predicting power of ordered probit models for multiple business cycle phases in the U.
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Macroeconomic DynamicsDOI: Flaschel, P. Journal of Economic Dynamics and Control. DOI: Kato, M. Menden, C. Quantitative Financedoi: Bask, M. Journal of Economic Dynamics and Control 69, Journal of ForecastingDOI Journal of International Money and Finance onpine, International Journal of Forecasting 30, Schoder, C.
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Prof. Dr. Christian R. Proaño - Otto-Friedrich-Universität Bamberg
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