Application of Proper Forecasting Technique in Juice Production: A Case Study

1
Rakesh Kumar
Rakesh Kumar
2
Dalgobind Mahto
Dalgobind Mahto
1 Himachal Pradesh Technical University, Hamirpur

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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).

Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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Rakesh Kumar. 2013. \u201cApplication of Proper Forecasting Technique in Juice Production: A Case Study\u201d. Global Journal of Research in Engineering - G: Industrial Engineering GJRE-G Volume 13 (GJRE Volume 13 Issue G4): .

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Crossref Journal DOI 10.17406/gjre

Print ISSN 0975-5861

e-ISSN 2249-4596

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August 3, 2013

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English

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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).

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Application of Proper Forecasting Technique in Juice Production: A Case Study

Rakesh Kumar
Rakesh Kumar Himachal Pradesh Technical University, Hamirpur
Dalgobind Mahto
Dalgobind Mahto

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