Using mathematical models to forecast demand for more efficient inventory management

Call: Public call Problem-based learning of students in the working environment: economy, non-economy and non-profit sector in the local/regional environment 2024-2027 – 2nd opening 2025/2026

Pedagogical mentor of the project: assoc. prof. Tea Vizinger, PhD

Partner from the local environment: Henkel Maribor

Project duration: 1. 3. 2026 – 31. 7. 2026

Brief description of the content:

The project addresses the challenge of uncertain demand and related inventory management in companies by using mathematical models for demand forecasting. Inadequate forecasts often lead to either excess inventory or product shortages, which has significant financial and organizational consequences. The project therefore focuses on identifying and using mathematical models that can effectively support business decisions in a real business environment. In the initial phase, students will examine various mathematical approaches to demand forecasting and analyze their advantages, limitations, and suitability in relation to available data and business needs. Based on the analysis, the most suitable models will be selected for implementation in a specific company. The project is designed as a collaborative research work, in which students will be actively involved in all phases of the project – from model selection, data collection and analysis to interpretation and visual presentation of results. In doing so, they will develop mathematical, analytical, and communication competencies and gain practical experience in using mathematical models to support business decisions.