Overview
- Presents a data driven approach that integrates demand forecasting and inventory management
- Presents an optimal inventory policy for a multi-product newsvendor setting with an aggregated service level target
- Includes several analyses of real data from a large European retail chain
- Analyzes behavioral biases for real-world decisions
- Includes supplementary material: sn.pub/extras
Part of the book series: Lecture Notes in Economics and Mathematical Systems (LNE, volume 680)
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Table of contents (7 chapters)
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Front Matter
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Back Matter
Keywords
About this book
This book addresses the challenging task of demand forecasting and inventory management in retailing. It analyzes how information from point-of-sale scanner systems can be used to improve inventory decisions, and develops a data-driven approach that integrates demand forecasting and inventory management for perishable products, while taking unobservable lost sales and substitution into account in out-of-stock situations. Using linear programming, a new inventory function that reflects the causal relationship between demand and external factors such as price and weather is proposed. The book subsequently demonstrates the benefits of this new approach in numerical studies that utilize real data collected at a large European retail chain. Furthermore, the book derives an optimal inventory policy for a multi-product setting in which the decision-maker faces an aggregated service level target, and analyzes whether the decision-maker is subject to behavioral biases based on real data forbakery products.
Authors and Affiliations
About the author
Bibliographic Information
Book Title: Retail Analytics
Book Subtitle: Integrated Forecasting and Inventory Management for Perishable Products in Retailing
Authors: Anna-Lena Sachs
Series Title: Lecture Notes in Economics and Mathematical Systems
DOI: https://doi.org/10.1007/978-3-319-13305-8
Publisher: Springer Cham
eBook Packages: Business and Economics, Business and Management (R0)
Copyright Information: Springer International Publishing Switzerland 2015
Softcover ISBN: 978-3-319-13304-1Published: 18 December 2014
eBook ISBN: 978-3-319-13305-8Published: 10 December 2014
Series ISSN: 0075-8442
Series E-ISSN: 2196-9957
Edition Number: 1
Number of Pages: XVII, 111
Number of Illustrations: 14 b/w illustrations
Topics: Operations Management, Operations Research/Decision Theory, Operations Research, Management Science, Sales/Distribution