Determining optimal workforce size and schedule at the retail store considering overstaffing and understaffing costs

Pandey, Peeyush; Gajjar, Hasmukh; Shah, Biren

doi:10.1016/j.cie.2021.107656

Cited by 12 publications

(3 citation statements)

References 47 publications

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“…Understanding customer attitudes and behavior is well established as an important factor in maximizing profits and enhancing the competitiveness of retail stores [15]. Effective sales staff scheduling is also essential for profitable operations, since labor costs typically comprise one of a retailer's largest expenses [16]. In order to maintain customer satisfaction, retailers must expand their strategies to include initiatives that enhance the customer experience.…”

Section: Retail Businessmentioning

confidence: 99%

Analyzing computer vision models for detecting customers: a practical experience in a mexican retail

Fernández Del Carpio

2024

Int. J. Adv. Intell. Informatics

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Computer vision has become an important technology for obtaining meaningful data from visual content and providing valuable information for enhancing security controls, marketing, and logistic strategies in diverse industrial and business sectors. The retail sector constitutes an important part of the worldwide economy. Analyzing customer data and shopping behaviors has become essential to deliver the right products to customers, maximize profits, and increase competitiveness. In-person shopping is still a predominant form of retail despite the appearance of online retail outlets. As such, in-person retail is adopting computer vision models to monitor store products and customers. This research paper presents the development of a computer vision solution by Lytica Company to detect customers in Steren’s physical retail stores in Mexico. Current computer vision models such as SSD Mobilenet V2, YOLO-FastestV2, YOLOv5, and YOLOXn were analyzed to find the most accurate system according to the conditions and characteristics of the available devices. Some of the challenges addressed during the analysis of videos were obstruction and proximity of the customers, lighting conditions, position and distance of the camera concerning the customer when entering the store, image quality, and scalability of the process. Models were evaluated with the F1-score metric: 0.64 with YOLO FastestV2, 0.74 with SSD Mobilenetv2, 0.86 with YOLOv5n, 0.86 with YOLOv5xs, and 0.74 with YOLOXn. Although YOLOv5 achieved the best performance, YOLOXn presented the best balance between performance and FPS (frames per second) rate, considering the limited hardware and computing power conditions.

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Section: Retail Businessmentioning

confidence: 99%

Analyzing computer vision models for detecting customers: a practical experience in a mexican retail

Fernández Del Carpio

2024

Int. J. Adv. Intell. Informatics

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“…Katrancı and Organ (2021) developed and solved an integer model for scheduling the shifts of firefighters in their study. Pandey et al, (2021) in their study, they handled the shift scheduling problem for a retail store and used an iterative solution approach consisting of three stages. These solution approaches are respectively; deterministic finite automata (DFA), a mixed-integer linear programming (MILP) and heuristic algorithm.…”

Section: Introductionmentioning

confidence: 99%

Shift Scheduling Optimization: A Real-Life Underground Transportation Example

ÖZTÜRK¹,

Atmaca²,

AKBULUT³

et al. 2022

European Journal of Science and Technology

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Personnel scheduling is basically a type of scheduling that determines which employee will work and when, taking into account the needs of the industry and employees. Personnel scheduling is intertwined with shift scheduling problems in shift systems. In many industries, the assignment of employees to shifts during the day, the determination of relief breaks and meal breaks are an important factor for shift scheduling while meeting the changing workforce needs. The main purpose of this study is to schedule the shifts of the machinists of Ankaray, which is one of the underground transportation networks of Ankara, the capital of Turkey, in the transportation sector where people serve people. In the study, shift scheduling models in the literature were examined and Aykin's optimal shift scheduling with multiple break windows was taken as a basis. The model divides the working hours into two shifts during the day and finds the number of employees required for each shift. In addition, it also determines the relief break and lunch break times for each employee. As a result, the current situation was analyzed and a comparison was made with the results on the established optimization model. Cost minimization is at the root of the problem, so it is concretely shown how this model will contribute in real life.

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“…In the structure of operating costs of trade, the share of employee costs (personnel costs) is significant, despite the increasing digitalization of the entire business ( Riegger, 2021). This is quite understandable given the fact that trade belongs to the tertiary (service) activity whose general characteristic is a high share of "living labor" in the overall business (Pandey, 2021). The costs of goods sold, due to their nature, are covered from the proceeds from the sale of goods.…”

Section: Introductionmentioning

confidence: 99%

Analysis of Determinants of Corporate Cash Holding of Listed Manufacturing Companies on the Macedonian Stock Exchange

Naumoski¹

2022

SERBE

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In this study, we identify the determinants of cash holding in Macedonian manufacturing companies. The analysis was conducted using accounting data from publicly available financial statements of the sample of Macedonian industrial companies for the 2005 to 2019 period. The research was conducted through the prism of the postulates of the three main theories in corporate finance, i.e., the trade-off theory, pecking order theory,and thefree cash flow theory. To that end, we applied a panel regression analysis, while from the obtained results we assess which theoretical model best explains the cash management in Macedonian companies. We found that the cash to total assets ratio averaged 3.1%. The cash holding decreases with the decrease of the net working capital, financial leverage,cash flow variability, andcash conversion cycle. Cash holding increases with the increase of the company size, cash flow, debt maturity, and capital investments. We concluded that most of the results are in line with the pecking order theory, which indicates that Macedonian companies do not have predefined cash balances, and the cash holdings are abuffer between retained earnings and investments. The level of cash holding is not planned and is not optimized, but is determined during the work processes and depends on other business decisions.

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Determining optimal workforce size and schedule at the retail store considering overstaffing and understaffing costs

Cited by 12 publications

References 47 publications

Analyzing computer vision models for detecting customers: a practical experience in a mexican retail

Analyzing computer vision models for detecting customers: a practical experience in a mexican retail

Shift Scheduling Optimization: A Real-Life Underground Transportation Example

Analysis of Determinants of Corporate Cash Holding of Listed Manufacturing Companies on the Macedonian Stock Exchange

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