Register to reply 
How Retail Uses Mathematics 
Share this thread: 
#1
Aug2113, 03:55 AM

HW Helper
PF Gold
P: 2,796

This is not about counting change for pointofsale 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?



#2
Aug2213, 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: http://www.statistics.du.se/essays/D07E.Nafees.pdf 


#3
Aug2213, 06:10 PM

P: 36

you can also use it in R&D of your product and in surveytype 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 