Citation

Material Information

Title:
An Assortment Optimization Decision-Support System Considering Product Capacity and Shelf Sizing
Creator:
Fox, Andrew
Publication Date:
Language:
English

Subjects

Subjects / Keywords:
Algorithms ( jstor )
Approximation ( jstor )
Customers ( jstor )
Dynamic programming ( jstor )
Integers ( jstor )
Marginal profit ( jstor )
Marginal utility ( jstor )
Genre:
Undergraduate Honors Thesis

Notes

Abstract:
The objective of this project is to create an operational decision-support system to aid retail management in selecting the optimal assortment of goods to provide to customers. The tool presents the user with two solution methods catered to different scenarios. One solution method finds the optimal assortment given a product capacity, employing an algorithm from existing literature. The other considers shelf and product sizing where the tool utilizes a one-dimensional integer knapsack approach solved with dynamic programming to provide a recommended quantity distribution of goods. Both methods require the user to know the marginal profit of each product and a relative approximation of utility the customer assigns to each product. From the multinomial logit choice (MNL) model, an expected profit for each product is calculated and referenced in the optimizations. The decision-support system is intended for application in a variety of online and traditional retail environments. ( en )
General Note:
Awarded Bachelor of Science in Industrial and Systems Engineering; Graduated December 22, 2009 summa cum laude. Major: Industrial and Systems Engineering
General Note:
Advisor: Dr. Serdar Kirli
General Note:
College/School: College of Engineering
General Note:
Legacy honors title: Only abstract available from former Honors Program sponsored database.

Record Information

Source Institution:
University of Florida
Holding Location:
University of Florida
Rights Management:
Copyright Andrew Fox. Permission granted to the University of Florida to digitize, archive and distribute this item for non-profit research and educational purposes. Any reuse of this item in excess of fair use or other copyright exemptions requires permission of the copyright holder.