Demand Forecasting For Sales of Milk Product (Paneer) In Chhattisgarh
Pradeep Kumar Sahu1, Rajesh Kumar2
1Pradeep Sahu, Mechanical Engineering, Chhattisgarh Swami Vivekanand Technical University Bhilai / Chhatrapati Shivaji Institute of Technology, Durg, India.
2Rajesh Kumar, Mechatronics Engg., Chhattisgarh Swami Vivekanand Technical University Bhilai / Chhatrapati Shivaji Institute of Technology, Durg, India.
Manuscript received on August 14, 2013. | Revised Manuscript Received on August 23, 2013. | Manuscript published on August 20, 2013. | PP: 10-13 | Volume-1, Issue-9, August 2013. | Retrieval Number: I0277081913/2013©BEIESP
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© The Authors. Published By: Blue Eyes Intelligence Engineering & Sciences Publication (BEIESP)). This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: This paper examines forecasting method for sales of milk product (paneer) in Chhattisgarh. Forecasting method assessed includes single moving average (SMA), double moving average method (DMA), single exponential smoothing (SES), semi average method (SAM) and Naϊve Method. The mean forecast error (MFE), mean absolute deviation (MAD), mean square error (MSE), root mean square error (RMSE) is used to measure the accuracy of forecasting methods. Based on accuracy, single exponential smoothing (SES) with α=0.3 produces the most accurate forecasting. Method used in this paper is readily transferable to other milk product data sets with weekly demand figures.
Keywords: double moving average method (DMA), Based on accuracy, single exponential.