Ebook: Inventory Planning with Forecasting Expenditure

In an industrial or business case, purchase or procurement is a significant function. Usually, a procurement plan is prepared on the basis of certain prediction of consumption pattern or demand. However, when this plan is implemented, then the desired benefit is obtained corresponding to the forecast accuracy. In the available literature, the forecasting accuracy is discussed a lot. A need is established to link the forecasting accuracy with a forecasting expenditure. After an explicit inclusion of the forecasting expenditure, the inventory planning for procurement/production is described in the present book.

This book is expected to be useful for UG/PG students in engineering and management, and also has good potential for elective/supplementary core courses.