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Sales Forecasting Formatted

The document outlines a project focused on forecasting retail sales to enhance inventory management for retail businesses. It utilizes the Walmart Sales Forecasting Dataset to analyze sales trends and build predictive models like Facebook Prophet and ARIMA. The project aims to provide insights for optimizing inventory, scheduling promotions, and improving supply chain efficiency.

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devikagupta2012
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2 views2 pages

Sales Forecasting Formatted

The document outlines a project focused on forecasting retail sales to enhance inventory management for retail businesses. It utilizes the Walmart Sales Forecasting Dataset to analyze sales trends and build predictive models like Facebook Prophet and ARIMA. The project aims to provide insights for optimizing inventory, scheduling promotions, and improving supply chain efficiency.

Uploaded by

devikagupta2012
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Consumer Goods and Retail Sales Forecasting

Problem Statement

Retail businesses face challenges in inventory management due to fluctuations in sales. Overstocking leads to
increased costs, while understocking results in lost sales opportunities. This project aims to predict future sales
trends to optimize inventory, reduce losses, and improve decision-making.

Dataset Used

We will use the Walmart Sales Forecasting Dataset, which contains:


- Store-wise weekly sales
- Product category details
- Impact of promotions and holidays on sales
- Time-series data for multiple stores and departments

Available on Kaggle: https://www.kaggle.com/c/walmart-recruiting-store-sales-forecasting/data

Project Goals

- Exploratory Data Analysis (EDA): Identify seasonal trends, product popularity, and impact of promotions.
- Time-Series Forecasting Model: Train models like Facebook Prophet and ARIMA to predict future sales.
- Business Insights: Use predictions to improve inventory planning and supply chain management.

Project Workflow

1. Data Exploration & Preprocessing

- Load and inspect the dataset.


- Handle missing values and format date columns.
- Extract time-based features (Year, Month, Week).

2. Exploratory Data Analysis (EDA)

- Visualize sales trends over time.


- Analyze the impact of holidays and promotions.
- Identify peak sales periods.

3. Building the Forecasting Model

- Facebook Prophet: Handles trends, seasonality, and holidays automatically.


Consumer Goods and Retail Sales Forecasting

- ARIMA: Used for traditional time-series forecasting.

4. Evaluating Model Performance

- Compare predictions with actual sales.


- Calculate Mean Absolute Error (MAE) for accuracy.

5. Business Applications & Insights

- Optimize inventory planning by predicting demand.


- Schedule promotions based on peak sales periods.
- Improve supply chain efficiency.

Expected Deliverables

- EDA Report with Visualizations


- Time-Series Forecasting Model
- Business Recommendations for Inventory Management

This project will help retailers make data-driven decisions to optimize their sales strategy and improve
operational efficiency.

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