Question: For a research proposal with the topic: Optimizing inventory management through data analytics. Help with the research methodology. What methods / approaches should be taken

For a research proposal with the topic: Optimizing inventory management through data analytics. Help with the research methodology.

What methods

/

approaches should be taken to achieve the following research objectives. And between the

4

research objectives which

3

are the best to do for the research proposal.

1 .

To develop data

-

driven strategies aimed at reducing excess inventory levels without compromising on product availability.

2 .

To implement predictive analytics models that minimize stockouts and understocking instances by accurately anticipating demand flactuations and adjusting inventory levels accordingly.

3 .

To enhance demand forecasting through the integration of advanced analytics techniques, such as machine learning algorithms and levaraging historical sales data, market trends.

4 .

To evaluate the excisting inventory management practices within the pharmaceutical company, identifying strengths, weaknesses, and areas for improvement.

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