Publication

Modeling behavior to support economical decisions

Michel Bierlaire
2013
Talks

Abstract

Prof Bierlaire will present the powerful methods of Discrete Choice Analysis that are used in forecasting human behaviour to predict, among others, the demand for a new product under alternative pricing strategies. From individual behaviors, such techniques are used to predict market segments and the impact of various scenarios. By presenting case studies for food industries and beyond, Prof Bierlaire will familiarize us with problems of data collection, model formulation, testing, and forecasting as well as the benefit such analyses can have for companies like Nestle.

Official source

https://infoscience.epfl.ch/entities/publication/6bd11619-9ee7-4d05-8f18-83ad8c9edf02

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Michel Bierlaire
2013
Talks

Abstract

Official source

https://infoscience.epfl.ch/entities/publication/6bd11619-9ee7-4d05-8f18-83ad8c9edf02

About this result

Related concepts (32)

Prediction

A prediction (Latin præ-, "before," and dicere, "to say"), or forecast, is a statement about a future event or data. They are often, but not always, based upon experience or knowledge. There is no universal agreement about the exact difference from "estimation"; different authors and disciplines ascribe different connotations. Future events are necessarily uncertain, so guaranteed accurate information about the future is impossible. Prediction can be useful to assist in making plans about possible developments.

Data collection

Data collection or data gathering is the process of gathering and measuring information on targeted variables in an established system, which then enables one to answer relevant questions and evaluate outcomes. Data collection is a research component in all study fields, including physical and social sciences, humanities, and business. While methods vary by discipline, the emphasis on ensuring accurate and honest collection remains the same.

Demand forecasting

Demand forecasting refers to the process of predicting the quantity of goods and services that will be demanded by consumers at a future point in time. More specifically, the methods of demand forecasting entail using predictive analytics to estimate customer demand in consideration of key economic conditions. This is an important tool in optimizing business profitability through efficient supply chain management. Demand forecasting methods are divided into two major categories, qualitative and quantitative methods.

Related publications (32)

Modeling behavior to support economical decisions

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