The Evaluation of Forecasting Methods for Sales of Sterilized Flavoured Milk in Chhattisgarh
Journal Title: INTERNATIONAL JOURNAL OF ENGINEERING TRENDS AND TECHNOLOGY - Year 2014, Vol 8, Issue 2
Abstract
In recent years, there has been a great deal of discussion on applications of various forecasting models and their performance in forecasting business activities. This paper discussed few of forecasting models and their application for sales forecasting of sterilized flavoured milk in Chhattisgarh. Applying weekly data spreading over October 2011 to October 2012, on the sales of sterilized flavoured milk in liter. The forecasting method analysed included: naϊve model , moving average, double moving average, simple exponential smoothing; and semi average method. The accuracy of the forecasting method was measured using mean Forecast Error (MFE), mean Absolute Deviation (MAD), mean Square Error (MSE), root mean square Error (RMSE).
Authors and Affiliations
Pradeep Kumar Sahu , Rajesh Kumar
Keywords
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