Forecasting, ordering and inventory management in the presence of supply chain disruptions

Matching supply and demand is a crucial problem that many businesses face when dealing with uncertainty. An unprecedented situation only exacerbates the problem, because we do not know yet how this situation is going to affect demand and/or supply. COVID-19, one such scenario, has caused a huge disruption in the supply chain. The problem of excess and shortage of inventory and the stochasticity of demand forms the basis for this study. It is essential to study the fluctuations in supply and demand patterns that affect people's daily lifestyles. Demand for basic goods such as toilet paper, edible products, and beverages must be accurately forecasted, numbered, and managed. We could all observe that many of these products were out-of-stock, despite these being products that are usually easy to forecast and manage. However, if a supply disruption occurs, we lack the methods to accurately forecast demand and determine appropriate inventory levels. Standard methods no longer worked well and we need to identify which methods should be used in such a situation. Considering the discipline of inventory management under the umbrella of supply chain management, along with the field of statistical formulation and forecasting, novel methods could be interesting to meet consumer needs in a timely manner.