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ACCEPT: Improving Short-Term Demand Forecasting

posted Sep 6, 2013, 7:07 AM by Marco Spruit   [ updated Sep 6, 2013, 7:10 AM ]
The Maass Spruit Waal paper Improving Short-Term Demand Forecasting For Short-Lifecycle Consumer Products With Data Mining Techniques: A Case Study In The Retail Industry has been accepted in the journal Decision Analytics! We investigated the potential of data mining techniques as well as alternative approaches to improve the short-term forecasting method for short-lifecycle products with high uncertainty in demand. We found that data mining techniques cannot unveil their full potential to improve short-term forecasting in this case, due to the high demand uncertainty and the high variance of demand patterns. In fact we found that the higher the variance in demand patterns the less complex a demand forecasting method can be.