Data mining for combining forecasts in inventory management

Chi Kin Chan

Research output: Chapter in book / Conference proceedingChapter in an edited book (as author)Academic research

Abstract

The traditional approach to forecasting involves choosing the forecasting method judged most appropriate of the available methods and applying it to some specific situations. The choice of a method depends upon the characteristics of the series and the type of application. The rationale behind such an approach is the notion that a “best” method exists and can be identified. Further that the “best” method for the past will continue to be the best for the future. An alternative to the traditional approach is to aggregate information from different forecasting methods by aggregating forecasts. This eliminates the problem of having to select a single method and rely exclusively on its forecasts.
Original languageEnglish
Title of host publicationEncyclopedia of information science and technology
PublisherIdea Group Reference
Pages703-707
Number of pages5
ISBN (Print)159140553X, 159140794X
DOIs
Publication statusPublished - 2005

Keywords

  • Information resources management
  • Information science reference
  • Library IS&T

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