The main focus of SCM, as some might argue is to maximize profits and minimize costs (Yu, He and Zhang 1024). Thus researches have been carried out to deduce contracts that can be of help in enhancing the expected level of performance measure (Chang, Makatsoris and Richards 741).
In wake of the discussion presented, the aim of the study would be to find out how the hybrid demand forecasting models have helped to make the retail business gain momentum and strive for success.
The demand forecast derived is not necessarily 100% accurate especially for a supermarket (Aburto and Weber 2005) and thus, demand expected at each agent of change or channel could be undermined, these channels would include, retailers, distributors and manufacturers. Therefore, demand variability is high.
In order to avoid this confusion, collaborative forecasting and planning needs to be done across the channels and inventory levels should be increased at each stage, however optimum.
Moreover, ARIMA model has been in use to focus on time series analysis and manage variability in demand. The ARIMA type approach and the MLP type approach are highly effective as part of the neural network to achieve mathematical outcomes.
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