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• W1966383311 abstract "Management decisions regarding the resource allocation in the automotive aftermarket involves a good understanding of it. This includes a better understanding of the participants in this market, the supply chains, specificities products and demand for these products. A useful instrument to anticipate the latter is the use of simulation methods, one of them being the Monte Carlo method, which, in this paper, is used to create various scenarios of supply.Keywords: Inventory Management, Aftermarket, Demand, Monte Carlo Simulation(ProQuest: ... denotes formulae omitted.)1 IntroductionWe can define the inventory as a physical stock of economic resources that are stored or reserved for a good functioning of related business. Inventories are required because, in general, a customer will not like to wait for a long time, until their commands were filled from a source or were produced.On the other hand, maintaining inventory can protect against the seasonal price fluctuation of some raw material, because a buyer can procure a large quantity at good price and use it also when the price is high [1],Inventory management also concerns about lead time, carrying costs, asset management, inventory forecasting, inventory valuation, inventory visibility, future inventory price, physical inventory, physical storage, quality management, replenishment, returned goods, obsolete goods and demand forecasting [2],To maintain inventories involves the use of resources, so, it is necessary to introduce a set of policies and controls that establish and track levels of inventory and determine when stock should be refilled [3],In addition, in automotive aftermarket domain, a large inventory could, also, attract more customers resulting increase in sale and profits.For this purpose, we can use an inventory model based on Monte Carlo to determine the optimum inventory level in terms of safety stock and replenishment scenario. For this, the starting point is forecasting of demand which includes the prediction, projection or estimation of expected demand of the products over a specified future time period.2 Inventories in Automotive Aftermarket Domain2.1 Automotive Aftermarket Structure and EvolutionAftermarket parts are an alternative of OEM (original equipment manufacturer) parts. These parts are produced by companies other than the original manufacturer but are made to fit and perform as well as the original. Aftermarket companies buy the rights to reproduce these parts. There are a variety of high quality aftermarket parts that can be purchased and live up to all the expectations of the original at a much lower price. In both cases, OEM and aftermarket parts, the part should perform the function it was designed for, so the car owner will decide which part to choose [4],Over the years, supply chain in automotive aftermarket has gone through many transformations as we see in Figure 1, Figure 2 and Figure 3 consecutively.Cash and carry retailers (discount shop selling a wide range of products) had an important role in aftermarket domain but, recently, they reduced their presence in this market, because of the need to allocate resources to other increasing competition sectors, like in food and clothing [5],National wholesalers, who used to rely on the original equipment (OE) manufacturers for a large proportion of their goods, are now serviced by Inter Factors (local retailers that deliver to point of use on very short lead-time) which are closer to the customer and can deliver goods to the point of use quicker. Also they have now only the role to serve independent wholesalers, as we see in Figure 2 and Figure 3.National retailers have also moved away from OE supply in order to eliminate the need for large central stores (warehouses owned by national players). Instead these national retailers have opted for service from independent wholesalers at a local level resulting in better service time and reduced stock ownership [5],Also, as we see in Figure 2 and Figure 3, the role of independent wholesalers increased with the decline of Cash and Carry organizations. …" @default.
• W1966383311 created "2016-06-24" @default.
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• W1966383311 date "2013-06-30" @default.
• W1966383311 modified "2023-09-25" @default.
• W1966383311 title "Forecasting Demand for Automotive Aftermarket Inventories" @default.
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