Research
Industrial Forecasting Support Systems and Technologies in Practice: A Review
With the present changing and uncertain economic and marketing scenario the available resources must be utilised by the most optimum way, so that the predetermined goal is achieved. There are number of tools and techniques that are used directly and as support system in the business for success. Forecasting is also a powerful tool and technique which is used as support system to the industrial environment so that future of the business can be predicted accurately. It provides the basis to plan the future requirements for men, machine and materials, time, money etc. so that the wastage will be least.This paper presents the reviews of different works in the area of industrial forecasting support systems and tries to find out latest developments and technologies available in industries and show how they are beneficial to achieve an accurate forecasting.
Application of Proper Forecasting Technique in Juice Production: A Case Study
Every organisation that produces product evaluates their performance at certain intervals to keep the pace with the market. Forecasts are evaluated to improve models to achieve better policy and planning outcomes. The purpose of this study is to observe whether the forecast errors are within the reasonable limit of expectations or whether these errors are irrationally large and require an improvement in the statistical models and process of producing these forecasts. Statistical time series modelling techniques like – Moving Average, Simple Exponential Smoothing and Least Square methods are used for the study and their performance evaluated in terms of Mean Average Deviation (MAD), Mean Squared Error (MSE).
