An Appraisal of the Implementation of Artificial Intelligence in Sales Forecasting: A Study of Retail Businesses in Plateau State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
Background of the Study
Artificial intelligence (AI) has emerged as a transformative tool in sales forecasting, enabling businesses to analyze vast amounts of data, identify trends, and make accurate predictions. By employing AI techniques such as machine learning, predictive analytics, and natural language processing, retail businesses can optimize inventory management, improve decision-making, and enhance profitability (Olawale & Ibe, 2024).
In Plateau State, retail businesses are exploring AI to overcome traditional forecasting challenges, such as reliance on historical data and human intuition. This study evaluates the implementation and effectiveness of AI in improving sales forecasting accuracy and operational efficiency.
Statement of the Problem
Despite the proven benefits of AI, its implementation in sales forecasting faces obstacles such as high implementation costs, limited expertise, and resistance to change. These challenges result in inconsistent adoption and underutilization of AI capabilities in retail businesses in Plateau State.
This study appraises the implementation of AI in sales forecasting, identifying its impact, benefits, and associated challenges.
Objectives of the Study
1. To assess the level of AI implementation in sales forecasting among retail businesses in Plateau State.
2. To evaluate the impact of AI-driven forecasting on inventory management and decision-making.
3. To identify challenges faced in implementing AI in sales forecasting.
Research Questions
1. What is the extent of AI implementation in sales forecasting in Plateau State's retail businesses?
2. How does AI-driven forecasting impact inventory management and decision-making?
3. What challenges hinder the effective implementation of AI in sales forecasting?
Research Hypotheses
1. AI is not widely implemented in sales forecasting among retail businesses in Plateau State.
2. AI-driven forecasting does not significantly impact inventory management and decision-making.
3. Challenges in implementing AI do not significantly affect its effectiveness in sales forecasting.
Scope and Limitations of the Study
The study focuses on retail businesses in Plateau State, analyzing AI implementation and its effects on sales forecasting. Limitations include differences in business size and readiness to adopt AI technologies.
Definitions of Terms
• Artificial Intelligence (AI): The simulation of human intelligence in machines to perform tasks such as learning, reasoning, and problem-solving.
• Sales Forecasting: The process of estimating future sales using historical data and market analysis.
Related Project Materials
An Assessment of Dietary Fiber Intake and Its Effect on Gastrointestinal Health in Plateau State
Background of the Study
Dietary fiber plays a crucial role in maintaining gastrointestinal health, aidi...
The effect of rural settings on lexical semantics in Yoruba language among farmers in Osun
Background of the Study
In the rural landscapes of Osun, the Yoruba language is deeply intertwined with the daily lives of...
FACTORS INFLUENCING EXAMINATION MALPRACTICES IN SECONDARY SCHOOLS
ABSTRACT
This study used a survey design to examine the factors influencing examination malpractic...
BACTERIOLOGICAL EXAMINATION OF FRIED SNAIL
ABSTRACT
This study was carried out to identify and characterise common bacterial consumed in eating contaminated hawked...
An Evaluation of Nurses' Role in Early Detection and Management of Colorectal Cancer at Ogun State University Teaching Hospital
Background of the Study
Colorectal cancer (CRC) is one of the most common cancers worldwide, with a growin...
An investigation of determinants of growth in Nigeria’s informal sector: A case study of Lagos State (2000–2020).
Background of the study:
The informal sector in Nigeria constitutes a major share of economic activity, es...
An investigation into the challenges of adult education among rural farmers in Minna Local Government Area, Niger State
Background of the Study
Rural farmers in Minna Local Government Area, Niger State, represent a critical demographic whose...
ONLINE INFORMATION SEEKING BEHAVIOUR OF POST GRADUATE STUDENTS IN AHMADU BELLO UNIVERSITY, ZARIA
ABSTRACT
This study was carried out to investigate the Online Information Seeking Behaviour of Postgraduate Students in Ahmadu Bello Univ...
Development of an AI-Based Virtual Tutor using Graphics and Multimedia in Gombe State University, Gombe State
Background of the study
The rapid evolution of artificial intelligence (AI) and multimedia technologies has opened new hor...
THE EFFECT OF DATA ANALYTICS ON PUBLIC ACCOUNTING PRACTICES
ABSTRACT: THE EFFECT OF DATA ANALYTICS ON PUBLIC ACCOUNTING PRACTICES
The objectives of this study are to: 1) Investigate how data analyt...
