A Study of Time Series Model for Predicting Jute Yarn Demand: Case Study. (27th July 2017)

• Record Type: Journal Article
• Authors: Karmaker, C. L.; Halder, P. K.; Sarker, E.
• Other Names: Szederkenyi Gabor Academic Editor.
• Is Part Of: Journal of industrial engineering. Volume 2017(2017)
• Publication Date: 2017-07-27
• Subjects: Industrial engineering -- Periodicals; Industrial engineering; Periodicals; 620
• DOI: 10.1155/2017/2061260
• Languages: English
• ISSNs: 2314-4882

Abstract

Abstract : In today's competitive environment, predicting sales for upcoming periods at right quantity is very crucial for ensuring product availability as well as improving customer satisfaction. This paper develops a model to identify the most appropriate method for prediction based on the least values of forecasting errors. Necessary sales data of jute yarn were collected from a jute product manufacturer industry in Bangladesh, namely, Akij Jute Mills, Akij Group Ltd., in Noapara, Jessore. Time series plot of demand data indicates that demand fluctuates over the period of time. In this paper, eight different forecasting techniques including simple moving average, single exponential smoothing, trend analysis, Winters method, and Holt's method were performed by statistical technique using Minitab 17 software. Performance of all methods was evaluated on the basis of forecasting accuracy and the analysis shows that Winters additive model gives the best performance in terms of lowest error determinants. This work can be a guide for Bangladeshi manufacturers as well as other researchers to identify the most suitable forecasting technique for their industry.