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The Characteristics of Demand Rates in Inventory Routing Problem

In today's business landscape, demand variability plays a crucial role in determining the success of companies across various industries. This article explores the concept of demand variability, encompassing both deterministic and stochastic demand patterns. We delve into the differences betwee...

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Main Authors:	Afif Zuhri, Muhammad Khodri Harahap, Ahmad Taufik, Nursal, Khairulnizam, Sahlan, Suheil, Che Sobry
Format:	Article
Language:	English
Published:	Society for Science andEducation, United Kingdom 2023
Subjects:	HD28 Management. Industrial Management
Online Access:	http://umpir.ump.edu.my/id/eprint/40784/1/The%20Characteristics%20of%20Demand%20Rates%20in%20Inventory%20Routing%20Problem%20.pdf http://umpir.ump.edu.my/id/eprint/40784/ https://doi.org/10.14738/assrj.107.15043
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spelling	my.ump.umpir.407842024-03-27T07:18:34Z http://umpir.ump.edu.my/id/eprint/40784/ The Characteristics of Demand Rates in Inventory Routing Problem Afif Zuhri, Muhammad Khodri Harahap Ahmad Taufik, Nursal Khairulnizam, Sahlan Suheil, Che Sobry HD28 Management. Industrial Management In today's business landscape, demand variability plays a crucial role in determining the success of companies across various industries. This article explores the concept of demand variability, encompassing both deterministic and stochastic demand patterns. We delve into the differences between these demand types and their implications for businesses. The article emphasizes the significance of accurate demand forecasting and its role in strategic decision-making. Deterministic demand, characterized by predictable patterns, allows businesses to forecast with certainty. On the other hand, stochastic demand introduces uncertainty, requiring statistical methods and probability theory for estimation and management. Furthermore, we explore the distinction between stochastic stationary demand and stochastic nonstationary demand. While the former maintains consistent statistical properties over time, the latter experiences fluctuations in its characteristics due to external factors. We highlight the challenges faced by businesses in forecasting and managing nonstationary demand and the need for adaptive forecasting methods. To successfully navigate today's dynamic market, companies must embrace advanced analytics and data-driven approaches. By leveraging historical data, statistical models, and forecasting techniques, businesses can gain valuable insights into demand patterns, optimize inventory management, and make informed strategic decisions. Ultimately, understanding and managing demand variability is paramount for businesses seeking to improve customer satisfaction, optimize operations, and enhance their competitive advantage. This article aims to provide a comprehensive understanding of demand variability and equip readers with insights and strategies to tackle the challenges posed by an ever-changing market landscape. Society for Science andEducation, United Kingdom 2023 Article PeerReviewed pdf en cc_by_4 http://umpir.ump.edu.my/id/eprint/40784/1/The%20Characteristics%20of%20Demand%20Rates%20in%20Inventory%20Routing%20Problem%20.pdf Afif Zuhri, Muhammad Khodri Harahap and Ahmad Taufik, Nursal and Khairulnizam, Sahlan and Suheil, Che Sobry (2023) The Characteristics of Demand Rates in Inventory Routing Problem. Advances in Social Sciences Research Journal, 10 (7). pp. 76-84. ISSN 2055-0286. (Published) https://doi.org/10.14738/assrj.107.15043 10.14738/assrj.107.15043
institution	Universiti Malaysia Pahang Al-Sultan Abdullah
building	UMPSA Library
collection	Institutional Repository
continent	Asia
country	Malaysia
content_provider	Universiti Malaysia Pahang Al-Sultan Abdullah
content_source	UMPSA Institutional Repository
url_provider	http://umpir.ump.edu.my/
language	English
topic	HD28 Management. Industrial Management
spellingShingle	HD28 Management. Industrial Management Afif Zuhri, Muhammad Khodri Harahap Ahmad Taufik, Nursal Khairulnizam, Sahlan Suheil, Che Sobry The Characteristics of Demand Rates in Inventory Routing Problem
description	In today's business landscape, demand variability plays a crucial role in determining the success of companies across various industries. This article explores the concept of demand variability, encompassing both deterministic and stochastic demand patterns. We delve into the differences between these demand types and their implications for businesses. The article emphasizes the significance of accurate demand forecasting and its role in strategic decision-making. Deterministic demand, characterized by predictable patterns, allows businesses to forecast with certainty. On the other hand, stochastic demand introduces uncertainty, requiring statistical methods and probability theory for estimation and management. Furthermore, we explore the distinction between stochastic stationary demand and stochastic nonstationary demand. While the former maintains consistent statistical properties over time, the latter experiences fluctuations in its characteristics due to external factors. We highlight the challenges faced by businesses in forecasting and managing nonstationary demand and the need for adaptive forecasting methods. To successfully navigate today's dynamic market, companies must embrace advanced analytics and data-driven approaches. By leveraging historical data, statistical models, and forecasting techniques, businesses can gain valuable insights into demand patterns, optimize inventory management, and make informed strategic decisions. Ultimately, understanding and managing demand variability is paramount for businesses seeking to improve customer satisfaction, optimize operations, and enhance their competitive advantage. This article aims to provide a comprehensive understanding of demand variability and equip readers with insights and strategies to tackle the challenges posed by an ever-changing market landscape.
format	Article
author	Afif Zuhri, Muhammad Khodri Harahap Ahmad Taufik, Nursal Khairulnizam, Sahlan Suheil, Che Sobry
author_facet	Afif Zuhri, Muhammad Khodri Harahap Ahmad Taufik, Nursal Khairulnizam, Sahlan Suheil, Che Sobry
author_sort	Afif Zuhri, Muhammad Khodri Harahap
title	The Characteristics of Demand Rates in Inventory Routing Problem
title_short	The Characteristics of Demand Rates in Inventory Routing Problem
title_full	The Characteristics of Demand Rates in Inventory Routing Problem
title_fullStr	The Characteristics of Demand Rates in Inventory Routing Problem
title_full_unstemmed	The Characteristics of Demand Rates in Inventory Routing Problem
title_sort	characteristics of demand rates in inventory routing problem
publisher	Society for Science andEducation, United Kingdom
publishDate	2023
url	http://umpir.ump.edu.my/id/eprint/40784/1/The%20Characteristics%20of%20Demand%20Rates%20in%20Inventory%20Routing%20Problem%20.pdf http://umpir.ump.edu.my/id/eprint/40784/ https://doi.org/10.14738/assrj.107.15043
_version_	1822924212832043008
score	13.235796

The Characteristics of Demand Rates in Inventory Routing Problem

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