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The Impact of Forecasting Accuracy on Stochastic Periodic Inventory Routing Problem

Ehsan Yadollahi (UGent) , El-Houssaine Aghezzaf (UGent) , Joris Walraevens (UGent) , Dieter Claeys (UGent) and Birger Raa (UGent)
(2018)
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Abstract
The Inventory Routing Problem (IRP) is an underlying optimization problem for a warehouse replenishing multiple retailers to satisfy their demands while minimizing transportation and inventory costs within the system. Forecasting accuracy plays an important role in IRP, because the demands are stochastic and the planning is done for a longer horizon. The uncertainty level among the planning horizon makes it challenging for the decision makers to find the optimum level of products to be delivered to the retailers as well as the best routing system to reach them. In this paper we consider the impact of forecasting accuracy on the inventory and service level for a set of randomly dispersed retailers around a central warehouse in a distribution centre. We optimize the inventory levels and expected costs for each retailer for an illustrative example. The results will be simulated to compare the actual and expected outcomes of the model.
Keywords
Inventory Routing Problem, Forecasting, Simulation, Statistical Distribution, Safety Stock

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Chicago
Yadollahi, Ehsan, El-Houssaine Aghezzaf, Joris Walraevens, Dieter Claeys, and Birger Raa. 2018. “The Impact of Forecasting Accuracy on Stochastic Periodic Inventory Routing Problem  .” In .
APA
Yadollahi, E., Aghezzaf, E.-H., Walraevens, J., Claeys, D., & Raa, B. (2018). The Impact of Forecasting Accuracy on Stochastic Periodic Inventory Routing Problem  . Presented at the 6th STUDENT CONFERENCE ON OPERATIONAL RESEARCH.
Vancouver
1.
Yadollahi E, Aghezzaf E-H, Walraevens J, Claeys D, Raa B. The Impact of Forecasting Accuracy on Stochastic Periodic Inventory Routing Problem  . 2018.
MLA
Yadollahi, Ehsan, El-Houssaine Aghezzaf, Joris Walraevens, et al. “The Impact of Forecasting Accuracy on Stochastic Periodic Inventory Routing Problem  .” 2018. Print.
@inproceedings{8558899,
  abstract     = {The Inventory Routing Problem (IRP) is an underlying optimization problem for a warehouse replenishing multiple retailers to satisfy their demands while minimizing transportation and inventory costs within the system. Forecasting accuracy plays an important role in IRP, because the demands are stochastic and the planning is done for a longer horizon. The uncertainty level among the planning horizon makes it challenging for the decision makers to find the optimum level of products to be delivered to the retailers as well as the best routing system to reach them. In this paper we consider the impact of forecasting accuracy on the inventory and service level for a set of randomly dispersed retailers around a central warehouse in a distribution centre. We optimize the inventory levels and expected costs for each retailer for an illustrative example. The results will be simulated to compare the actual and expected outcomes of the model.},
  author       = {Yadollahi, Ehsan and Aghezzaf, El-Houssaine and Walraevens, Joris and Claeys, Dieter and Raa, Birger},
  language     = {eng},
  location     = {Nottingham, UK},
  title        = {The Impact of Forecasting Accuracy on Stochastic Periodic Inventory Routing Problem  },
  year         = {2018},
}