Forecasting sales and transactions of fast-food stores: a proof of concept

Abstract

Internship Report presented as the partial requirement for obtaining a Master's degree in Data Science and Advanced Analytics, specialization in Data ScienceAs time goes on, more and more clients look for solutions to their data-related problems. During a 9-month internship at the Portuguese consulting company Noesis, a request was presented by a customer that wished to improve the forecasting capabilities of their fast-food chain, on sales and transactions, for four different distribution channels, and globally. Following a data analytics approach, hundreds of time series were examined, external variables were added, and two algorithms were used - ARIMA and Facebook’s Prophet. Both models were evaluated, and as each of them performed better in different segments, a hybrid system was implemented, successfully completing the task at hand. Based on the results, future improvements and recommendations were also identified

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