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:

1. Introduction to Retail Analytics: Integrated Forecasting and Inventory Management for Perishable Products in Retailing
2. Safety Stock Planning with Causal Demand Forecasting
3. Data-Driven Newsvendor and Safety Stock Planning with Censored Demand Observations
4. Data-Driven Order Policies with Censored Demand and Substitution in Retailing