Certified Retail Analytics Professional (CRAP)
The Certified Retail Analytics Professional (CRAP) professional certification is a comprehensive program designed to equip individuals with the skills and knowledge necessary to succeed in the field of retail analytics. The program covers a range of topics, including forecasting, inventory management, and data-driven decision-making in retailing. The CRAP certification program is composed of four modules, each with a specific set of objectives aimed at developing proficiency in the areas of retail analytics mentioned above. Here is a summary of the objectives for each module:
Certification Program Objectives:
- Understanding the role of retail analytics in forecasting and inventory management
- Understanding the concept of causal demand forecasting and how it can be used to improve safety stock planning
- Learning how to incorporate censored demand observations into newsvendor and safety stock planning
- Understanding the concept of substitution and how it can be incorporated into order policies in retailing
Certifying Examination:
- To be certified as CRAP, student should take up a 1.5 hours exam at the designated examination centers.
- The qualifying exam would consist of 50 multiple choice questions, testing core certification modules.
- Professionals with relevant experience and other qualifying criteria may be exempted from the examination.
Modules:
- Introduction to Retail Analytics: Integrated Forecasting and Inventory Management for Perishable Products in Retailing
- Safety Stock Planning with Causal Demand Forecasting
- Data-Driven Newsvendor and Safety Stock Planning with Censored Demand Observations
- Data-Driven Order Policies with Censored Demand and Substitution in Retailing