JSM 2004 Online Program

Abstract #300754

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Activity Number:	427
Type:	Contributed
Date/Time:	Thursday, August 12, 2004 : 10:30 AM to 12:20 PM
Sponsor:	General Methodology
Abstract - #300754
Title:	Clustering Models to Improve Forecasts in Retail Merchandising
Author(s):	Nitin Patel*+
Companies:	Cytel Software Corp.
Address:	675 Massachusetts Avenue, Cambridge, MA, 02139,
Keywords:	forecasting ; retail merchandising ; clustering algorithms
Abstract:	Forecasting short-term demand for hundreds of items is a routine activity in retail merchandising. Methods used in practice employ a parametric demand model for each item. Our approach clusters items into homogenous groups and models parameter estimates for each item as following a multivariate normal distribution. We will describe two clustering algorithms based on this approach. We will report on experience with applying these algorithms to several real and simulated datasets.

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