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Operations Research, Systems Engineering and Industrial Engineering Commons™
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Full-Text Articles in Operations Research, Systems Engineering and Industrial Engineering
Reducing Restaurant Inventory Costs Through Sales Forecasting, Tyler Mason, Chris Schoen, Trevor Gilbert, Jonathan Enriquez
Reducing Restaurant Inventory Costs Through Sales Forecasting, Tyler Mason, Chris Schoen, Trevor Gilbert, Jonathan Enriquez
Senior Design Project For Engineers
Family Restaurant is a local restaurant in the greater Atlanta area that serves a variety of dishes that include an assortment of 19 different proteins. Currently, Family Restaurant places protein orders based on business intuition, and tends to over-stock and sometimes under-stock. To minimize inventory costs by reducing over-stocking and preventing under-stocking of proteins, we applied Facebook Prophet (FB Prophet), ARIMA, and XG Boost machine learning models to predict protein demand and then fed these results into a Fixed Time Period inventory model to make an overall order suggestion based on the specified time period. We trained our models on …
Minimum Distance Estimation For Time Series Analysis With Little Data, Hakan Tekin
Minimum Distance Estimation For Time Series Analysis With Little Data, Hakan Tekin
Theses and Dissertations
Minimum distance estimate is a statistical parameter estimate technique that selects model parameters that minimize a good-of-fit statistic. Minimum distance estimation has been demonstrated better standard approaches, including maximum likelihood estimators and least squares, in estimating statistical distribution parameters with very small data sets. This research applies minimum distance estimation to the task of making time series predictions with very few historical observations. In a Monte Carlo analysis, we test a variety of distance measures and report the results based on many different criteria. Our analysis tests the robustness of the approach by testing its ability to make predictions when …