How Retail Uses Mathematics

by symbolipoint
Tags: mathematics, retail
symbolipoint is offline
Aug21-13, 03:55 AM
HW Helper
P: 2,693
This is not about counting change for point-of-sale transactions; how does retail use Mathematics beyond intermediate algebra? Or does retail business use much or any Mathematics beyond intermediate algebra? Anything like with linear algebra, or linear optimization, or any sort of topics to figure how to utilize space or to count inventory or to predict flow of inventory or people...? Would any kind of sophisticated mathematical modeling be done in retail companies to predict or control operations in their stores?
Phys.Org News Partner Social sciences news on
Change 'authoritarian' football culture to produce future stars, says research
Male-biased tweeting
Developing nations ride a motorcycle boom
Best Pokemon
Best Pokemon is offline
Aug22-13, 05:15 PM
P: 45
You can use an area of mathematics called operations research. Here is a definition from Informs: "Operations Research (O.R.), or operational research in the U.K, is a discipline that deals with the application of advanced analytical methods to help make better decisions. The terms management science and analytics are sometimes used as synonyms for operations research."

For example, you can use queuing theory to find the ideal level of service for a retail business such as a supermarket. Here is a paper about modelling such a situation:
Viracocha is offline
Aug22-13, 06:10 PM
P: 36
you can also use it in R&D of your product and in survey-type stuff to measure the effectiveness of your product

Register to reply

Related Discussions
Grouping Stores based on past retail sales. Set Theory, Logic, Probability, Statistics 1
The future of retail - Inventory on demand? Social Sciences 2
California First Retail Hydrgoen Pump General Engineering 0
Fingerprint ID and tracking retail sales Current Events 68
Retail and Global Skepticism General Discussion 134