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A Model for Sales Forecasting and Stock Management

In: Business Analytics Progress on Applications in Asia Pacific

Author

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  • Tom Stephens

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.

Suggested Citation

  • Tom Stephens, 2016. "A Model for Sales Forecasting and Stock Management," World Scientific Book Chapters, in: Jorge L C Sanz (ed.), Business Analytics Progress on Applications in Asia Pacific, chapter 21, pages 565-588, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813149311_0021
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    More about this item

    Keywords

    Business Analytics; Entrepreneurship; Big Data; Information Technology;
    All these keywords.

    JEL classification:

    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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