The Advanced {Prediction Method of Inventory Costs in Coal Mine Industry

The growing needs in terms of providing entities competitiveness on an energetic market force them to seek a new solution. It can help to increase the effectiveness of their activity in which the key element is an optimal inventory policy. The inventory cost determines a reasonable management of enterprise finance and also affects product availability for customers, which is relevant in maintaining an appropriate level of service. Such costs are usually influenced by many factors and relations between them. Therefore, it is difficult to obtain accurate prediction results by the use of classic approaches. The article presents an advanced prediction method of inventory costs in order to determine a proper financial policy and to find opportunities for their reduction also. For the preparation of costs forecast auto regression and moving averages models have been applied. The advantages of the proposed approach are high accuracy and the possibility of the use with a limited data set that are available.

Language

  • English

Media Info

  • Media Type: Digital/other
  • Features: Figures; References;
  • Pagination: pp 898-904
  • Monograph Title: Proceedings of Second International Conference on Traffic and Transport Engineering (ICTTE)

Subject/Index Terms

Filing Info

  • Accession Number: 01604046
  • Record Type: Publication
  • ISBN: 9788691615321
  • Files: TRIS
  • Created Date: Jun 30 2016 11:31PM