A survey on short life cycle time series forecasting

ABSTRACT The life cycle of products is becoming shorter and shorter due to increased competition in market, shorter product development time and increased product diversity. Short life cycles are normal in retail industry, style business, entertainment media, and telecom and semiconductor industry. The subject of accurate forecasting for demand of short lifecycle products is of special enthusiasm for many researchers and organizations. Due to short life cycle of products the amount of historical data that is available for forecasting is very minimal or even absent when new or modified products are launched in market. The companies dealing with such products want to increase the accuracy in demand forecasting so that they can utilize the full potential of the market at the same time do not oversupply. This paper presents a review of the recent innovations for forecasting of short lifecycle or new products. The intention of the analysis is to examine the general outline of work done in forecasting of short lifecycle products using data mining, Segmentation and clustering, structured judgment and statistical forecasting.