![]() ![]() In this paper, we develop a robust approach to optimize retail assortments that offers this balance. Therefore, retailers face the difficult task of designing a portfolio of products that balances risk and return. While every product in the assortment offers an expected return, there is also uncertainty around its expected demand and profit contribution. Adding to the complexity of this 0–1 knapsack problem, retailers should also consider the risk associated with every assortment. ![]() The challenge is to find, for every category in every store, the assortment that maximizes (expected) category profit. Retailers face the important but challenging task of optimizing their product assortments.
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