Innovations in Sales Forecasting for Large-Scale Retailers

Bruce Andrews, James Bennett, Lindsey Howe, Brooks Newkirk and Joseph Ogrodowczyk

Foresight: The International Journal of Applied Forecasting, 2008, issue 9, 18-24

Abstract: Working as a team for the Center for Business and Economic Research at the University of Southern Maine, Bruce, James, Lindsey, Brooks and Joseph created a forecasting system for a large retail chain. Their base model uses the ARIMA methodology of Box and Jenkins, but the team has extended ARIMA to deal with the significant challenges of forecasting weekly sales at store and departmental levels. This article offers a case study in the modeling of weekly retail sales and a comprehensive overview of the forecasting hurdles that retailers must address. The modeling innovations noted here should provide retail forecasters with many good leads to pursue. Copyright International Institute of Forecasters, 2008

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:for:ijafaa:y:2008:i:9:p:18-24

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