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Retail Ordering Policy Risk
Abstract
The method is applied to Retail Ordering Policy to manage the associated risk. DMAIC framework applies stochastic techniques. Stochastic optimisation determines the optimal retail ordering policies to maximise profit. Simulate every determined optimal ordering policy and calculate profits, risks, and Six Sigma metrics to measure against specified target limits. Analyse simulation results and identify and quantify the main contributors to the profits variability by using sensitivity analysis. The optimal retail ordering policies are ranked based on their profits and associated risk factors. The technically best optimal retail ordering policy is recommended to the management for implementation. Control stage is elaborated by reusing the data and presented stochastic optimisation and simulation models for ongoing management of the optimal strategy. Some changes are applied to the data and models however, in order to emulate the scenario of an implemented strategy.
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