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Random Processes and Dynamic Forecasting

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Comprehensive Logistics

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Abstract

The actors of a free market economy decide autonomously on buying and selling. Companies, consumers and customers of products and services independently place orders at times and with quantities which correspond to their individual demand.

Within the agreed delivery times producers, suppliers and service providers consolidate, separate and schedule the incoming orders and execute them at optimal times. The output rates of many production and service stations vary randomly. Unpredictable disturbances and breakdowns cause stochastic fluctuations of lead times. The uncorrelated behavior of customers and companies and the deviations between ordered and produced quantities cause random processes within the whole economy (Churchman et al. 1957; Ferschl 1964).

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Author information

Authors and Affiliations

  1. Strandweg 54, D-22587, Hamburg, Germany

    Dr. rer. nat. Dr.-Ing. habil. Timm Gudehus

  2. University of Bremen, Wilhelm-Herz-Strasse 12, D-28359, Bremen, Germany

    Prof. Dr. Herbert Kotzab (Chair of Business Studies and Logistics Management, International Professor Caledonian Business School, Visiting Professor Copenhagen Business School)

Authors
  1. Dr. rer. nat. Dr.-Ing. habil. Timm Gudehus
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  2. Prof. Dr. Herbert Kotzab
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Correspondence to Timm Gudehus .

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Gudehus, T., Kotzab, H. (2012). Random Processes and Dynamic Forecasting. In: Comprehensive Logistics. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-24367-7_9

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  • DOI: https://doi.org/10.1007/978-3-642-24367-7_9

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  • Print ISBN: 978-3-642-24366-0

  • Online ISBN: 978-3-642-24367-7

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