The accuracy of a modified Croston procedure

Boylan, John and Syntetos, A. A. (2007) The accuracy of a modified Croston procedure. International Journal of Production Economics, 107 (2). pp. 511-517. ISSN 0925-5273

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Abstract

A modified Croston procedure to forecast intermittent demand is reviewed. The modified procedure, published in this journal in 2004, consists of a new method for estimating the mean demand and a smoothing method for estimating the variance of the forecasted demand rate. It is found that the smoothed variance estimate is based on an invalid measure of forecast accuracy. Moreover, it is shown that the method of forecasting mean demand produces biased forecasts. The accuracy of this method is assessed, using simulated data and the mean square error measure, and compared with Croston's method and single exponential smoothing. It is found that Croston's method is generally more accurate than its modification, particularly for strongly intermittent series.

Item Type:
Journal Article
Journal or Publication Title:
International Journal of Production Economics
Additional Information:
Accepted 25/10/2006
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/2200/2209
Subjects:
ID Code:
73060
Deposited By:
Deposited On:
24 Feb 2015 12:30
Refereed?:
Yes
Published?:
Published
Last Modified:
20 May 2020 03:37