September, 20 2007, at 4:45 p.m.
University Events Room
Glickman Family Library, 7th floor
Portland USM Campus
(map)
Click on the links below to see the video:
The Center for Business and Economic Research (CBER) at the University of Southern Maine recently developed an automated forecasting system comprised of time-series models that are used to predict weekly retail sales for Hannaford Bros. Co.’s 160 stores, as well as for individual departments within stores. Allowing for differing seasonal patterns across stores and controlling for numerous sales-influencing factors the models create highly-accurate forecasts. In addition, the system supports forecasting of additional sales metrics (i.e., items and transactions) at different levels of aggregation (i.e., districts, divisions, company). In total, 52-week forecasts are produced for more than 5,000 time series at the department and store levels alone. As a final application, the models are used to analyze the sales impact of competitive events, such as the expansion of a competitor’s nearby store.
_________________________________________________________
James Bennett is an Associate Professor of finance at USM. He earned his doctorate from the University of Texas, and has taught (in reverse chronological order) at the University of Massachusetts Boston, Otago University in Dunedin, New Zealand, and the Chinese University of Hong Kong. His primary research areas are asset pricing and investment management. He has published articles in The American Economic Review, Financial Analysts Journal and The Review of Financial Studies. Professor Bennett has held the CFA designation since 1999.
The colloquium is sponsored by the L.L. Bean/Lee Surace Endowed Chair in Accounting.
________________________________________________
USM Professor Jeffrey Gramlich was appointed the first L.L. Bean/Lee Surace Chair in Accounting in the USM School of Business in 2003. His appointment was made possible by a $1 million gift from L.L. Bean, Inc., its board chair, Leon Gorman, his wife Lisa, Jim and Maureen Gorman, and Tom Gorman, who established the chair in memory of L.L. Bean CFO Lee Surace '73, '81, who died in March of 2001. Surace was chair of the USM School of Business' Advisory Council and was a frequent guest lecturer.
The USM School of Business is accredited by the prestigious AACSB International. For students seeking the finest education and companies seeking the highest caliber talent, partnership, and educational opportunities, AACSB International accreditation is one of the most important affirmations of sustained quality in the word. For more information about School of Business programs, call 780-4020.
