A Model for Sales Forecasting and Stock Management

Tom Stephens

Chapter 21 in Business Analytics:Progress on Applications in Asia Pacific, 2016, pp 565-588 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This project worked with a bicycles and bicycle-related accessories retailer. The business is in its growing stage and is currently addressing a challenge around forecasting stock and inventory control. This study will attempt to address these challenges by developing an accurate model for sales forecasting and a template through which these forecasts can be tracked and backtested. Forecasting techniques trialed include Exponential Smoothing and ARIMA Models. Backtesting of forecasts of out-of-sample data for a selected number of product categories is positive, but some further improvements to the model may be possible before expanding to test across further products.

Keywords: Business Analytics; Entrepreneurship; Big Data; Information Technology (search for similar items in EconPapers)
JEL-codes: L26 (search for similar items in EconPapers)
Date: 2016
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