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2 cards from this section. Quick, good the night before a test.
What is demand forecasting?
Think about how businesses predict what customers will want to buy.
Define overstock.
What happens when items are not sold quickly enough?
What is the primary goal of demand forecasting in retail?
Consider the purpose of predicting demand.
True or False: Linear Programming can assist in making inventory management decisions.
Think about how businesses make mathematical decisions.
A retailer currently has 1,000 units of a product that they expect to sell 800 units in the next quarter. If the holding cost per unit is $5 and they want to reduce overstock by 15%, what will be their new target inventory?
Calculate how much inventory is unnecessary using the excess from the forecast.
A grocery chain uses LP to determine the optimal order quantity for 4 products with varying sales trends. How can you structure their LP model to minimize costs while maintaining stock availability?
Think about each product's demand and costs to structure the LP equation effectively.
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