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Joint prediction of time series data in inventory management

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Abstract

The problem of time series prediction has been well explored in the community of data mining. However, little research attention has been paid to the case of predicting the movement of a collection of related time series data. In this work, we study the problem of simultaneously predicting multiple time series data using joint predictive models. We observe that in real-world applications, strong relationships between different time-sensitive variables are often held, either explicitly predefined or implicitly covered in nature of the application. Such relationships indicate that the prediction on the trajectory of one given time series could be improved by incorporating the properties of other related time series data into predictive models. The key challenge is to capture the temporal dynamics of these relationships to jointly predict multiple time series. In this research, we propose a predictive model for multiple time series forecasting and apply it to the domain of inventory management. The relationships among multiple time series are modeled as a class of constraints, and in turn, refine the predictions on the corresponding time series. Experimental results on real-world data reveal that the proposed algorithms outperform well-established methods of time series forecasting.

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Acknowledgements

This work is partially supported by the National Natural Science Foundation of China under Grant No. 61503313, by the Natural Science Foundation of Fujian Province of China No.2017J01118. The authors would also like to thank the former members of Florida International University KDRG research team for their support and contributions to this work.

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Authors and Affiliations

  1. Department of Automation, Xiamen University, Xiamen, 361005, China

    Qifeng Zhou & Ruyuan Han

  2. School of Computing and Information Sciences, Florida International University, Miami, FL, 33199, USA

    Tao Li

  3. School of Computer Science, Nanjing University of Posts and Telecommunications, Nanjing, 210023, China

    Bin Xia

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  1. Qifeng Zhou
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  2. Ruyuan Han
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  3. Tao Li
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  4. Bin Xia
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Correspondence to Qifeng Zhou.

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Zhou, Q., Han, R., Li, T. et al. Joint prediction of time series data in inventory management. Knowl Inf Syst 61, 905–929 (2019). https://doi.org/10.1007/s10115-018-1302-y

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  • DOI: https://doi.org/10.1007/s10115-018-1302-y

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