AN ANALYTICAL COMPARISON OF SEVERAL STATISTICAL TECHNIQUES FOR THE PREDICTION OF DEMAND.
TEXAS TECHNOLOGICAL COLL LUBBOCK SCHOOL OF ENGINEERING
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The purpose of this investigation was to compare three generally accepted statistical decision-making techniques with reference to their applicability to the problem of demand prediction. The three techniques are 1 a modified Bayesian Decision-Making procedure, 2 a modified C-Chart procedure, and 3 a Sequential Decision procedure which includes the use of the Likelihood-Ratio Test. The investigation was confined to the problem of demand prediction which is an integral part of the over-all problem of provisioning and inventory policies. Author