YourCabs aggregates radio cabs from multiple taxi operators in Bangalore. For each model type, the supply shifts dynamically and depends on the number of drivers logged in. If cabs are unavailable, Yourcabs incurs cost on either upgrading the passenger or losing the sale. If several cabs do not have bookings, there is some loss of relationship with the supplier. Thus, YourCabs needs to be able to predict the demand for each cab type at an hourly basis so it can reach out to taxi operators and plan the number of drivers logging into its system.
Retailers face a formidable challenge of ensuring that they have optimum levels of inventory for goods that are perishable. This is because these goods have short shelf life without any salvage value and can hurt the profitability of the retailers significantly. It therefore becomes critical for the retailers to know accurate forecasts for perishable items such as fresh milk and yoghurt. These subclasses also drive footfall into the retail stores and hence it is important to maintain high levels of service for these products.
Managing inventory of perishable goods such as fruits and vegetables is a difficult task for big
retail stores as these items have a very short shelf life. If not managed properly, excessive stock
may result in loss of inventory, but at the same time under stocking may result in lost sales. In
this project we are trying to accurately forecast the demand for 4 SKUs - apple, banana, onion
The consumer products sector faces volatility in demand on a high scale and level of complexity, thereby posing challenges in the area of inventory management. Economic volatility and demand variability present challenges that simple models of demand forecasts are not equipped to handle. An important method of tacking demand variability is an effective way to improve the inventory control policy, which should be designed to smoothen stocking response to demand variation arising from the customers.
Problem Description/Business Goal - As the fruit supplier to the hypermarket, we wish to match our
procurement with the fruit demand. This is important owing to the perishable nature of fruits. This
reduces over/under stocking. Also, by matching the fruit demand accurately, we can provide value-add
to the hypermarket and stay ahead of the competition.
Problem Description - Representing the hypermarket, the objective of our forecasting is to reduce the spoilage of vegetables in the hypermarket by accurately forecasting sales on a daily basis. By using historical data of the last year we plan to forecast daily demand for two SKU's 'Exotic Vegetables' and 'Beans' under the vegetable sub-class.
The aim of this project is to forecast the monthly prices of cement in India from changes in the price of crude oil. The analysis can help construction companies and other involved players manage their inventories effectively and influence their purchasing decisions.