When a Retailer Uses Daily Sales of Each Product to Identify

question 3

Multiple Choice

When a retailer uses daily sales of each product to identify patterns and to forecast inventory requirements,this is an example of:

• A)a time series forecasting technique.
• B)a deterministic model.
• C)a causal model.
• D)a qualitative model.
• E)a repetitive pattern technique.

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Definitions:

Frugal Innovation

The process of reducing the complexity and cost of a good and its production, usually to make it accessible to a larger part of the population.

Cognitive Systems

Advanced computer systems or software models that mimic human thought processes, capable of learning, reasoning, and problem-solving to assist in decision-making.

Supply Chain Analytics

The use of data analysis tools and techniques to improve decision-making processes and efficiency within the supply chain, from procurement to delivery.

Sophistication

Refers to the complexity, advanced nature, or level of development of something, such as technology, processes, or systems.