The Evaluation of Forecasting Methods for Sales of Sterilized Flavoured Milk in Chhattisgarh

The Evaluation of Forecasting Methods for Sales of Sterilized Flavoured Milk in Chhattisgarh

  IJETT-book-cover  International Journal of Engineering Trends and Technology (IJETT)          
  
© 2014 by IJETT Journal
Volume-8 Number-2                          
Year of Publication : 2014
Authors :  Pradeep Kumar Sahu , Rajesh Kumar
  10.14445/22315381/IJETT-V8P219

Citation 

Pradeep Kumar Sahu , Rajesh Kumar."The Evaluation of Forecasting Methods for Sales of Sterilized Flavoured Milk in Chhattisgarh", International Journal of Engineering Trends and Technology(IJETT), 8(2),98-104 February 2014. ISSN:2231-5381. www.ijettjournal.org. published by seventh sense research group

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: na?ve 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).

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Keywords
sterilized flavoured milk, forecasting models Introduction