PREDICTING DEMAND FOR COTTON YARNS
Journal Title: Annals of the University of Oradea. Fascicle of Textiles, Leatherwork - Year 2017, Vol 0, Issue 1
Abstract
Predicting demand for fashion products is crucial for textile manufacturers. In an attempt to both avoid out-of-stocks and minimize holding costs, different forecasting techniques are used by production managers. Both linear and non-linear time-series analysis techniques are suitable options for forecasting purposes. However, demand for fashion products presents a number of particular characteristics such as short life-cycles, short selling seasons, high impulse purchasing, high volatility, low predictability, tremendous product variety and a high number of stock-keeping-units. In this paper, we focus on predicting demand for cotton yarns using a non-linear forecasting technique that has been fruitfully used in many areas, namely, random forests. To this end, we first identify a number of explanatory variables to be used as a key input to forecasting using random forests. We consider explanatory variables usually labeled either as causal variables, when some correlation is expected between them and the forecasted variable, or as time-series features, when extracted from time-related attributes such as seasonality. Next, we evaluate the predictive power of each variable by means of out-of-sample accuracy measurement. We experiment on a real data set from a textile company in Spain. The numerical results show that simple time-series features present more predictive ability than other more sophisticated explanatory variables.
Authors and Affiliations
Francisco SALAS-MOLINA, Pablo DÍAZ-GARCÍA
Keywords
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