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Demand Forecasting Using Bayesian Experiment with Non-Homogenous Poisson Process Model
Journal article   Peer reviewed

Demand Forecasting Using Bayesian Experiment with Non-Homogenous Poisson Process Model

H. Wang, Chen-Fu Chien and C. Liu
International Journal of Operations Research International Journal of Operations Research, Vol.2(1), pp.21-30
2005

Abstract

This study presents a novel mathematical model using Bayesian model for demand forecasting with non-homogenous Poisson process model. This study aims to construct a framework to minimize the overproduction and underproduction costs by using the time-dependent uncertainty of accumulative demand curve. Specific models werederived as the fundamentals of this approach. Furthermore, this study also proposed a method to evaluate demand forecasting using Bayesian experiment with non-homogenous Poisson process model.

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