Intelligent Systems Techniques And Applications In Product Forecasting
Product forecasting is a critical function in the rapid turnover of goods and products through retail outlets. Accurate forecasts allow retail managers to dramatically increase inventory turnover and reduce the number of markdowns. Such ability is more responsive to the market, allowing a better match to consumer demand, fewer outages, and lower costs. The improvements spill over into the manufacturing side as well. Advance knowledge of demand allows more complete production planning, reducing costs, lowering inventory, and determining capacity requirements. Producers use forecasts as hedges against lost control of forward scheduling (Curry, 1993). Therefore, forecasts are beneficial for the consumer, the retailer, and the producer in the distribution chain.
Intelligent Systems: Technology and Applications, Six Volume Set
Number of Pages
Article; Book Chapter
Source API URL
Jiang, James; Klein, Gary; and Pick, Roger A., "Intelligent Systems Techniques And Applications In Product Forecasting" (2002). Scopus Export 2000s. 2659.