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EVALUATION OF THE EFFECTIVENESS OF DEMAND FORECASTING METHODS.
Abstract:
Demand forecasting plays a crucial role in various industries by aiding decision-making processes related to production planning, inventory management, and supply chain optimization. The accuracy and effectiveness of demand forecasting methods directly impact a company’s profitability, customer satisfaction, and operational efficiency. This study aims to evaluate the effectiveness of different demand forecasting methods and identify their strengths and limitations.
The evaluation process involves a comprehensive review of various demand forecasting techniques, including qualitative methods (such as market research and expert opinions), quantitative methods (such as time series analysis and regression analysis), and advanced techniques (such as machine learning and artificial neural networks). Each method is analyzed based on its ability to handle different types of demand patterns, data requirements, computational complexity, and scalability.
To assess the effectiveness of these methods, historical demand data from multiple industries and time periods are collected. Performance metrics, such as forecast accuracy, bias, and mean absolute percentage error (MAPE), are calculated to compare the forecasting methods. Additionally, qualitative factors like ease of implementation, interpretability, and adaptability to changing market conditions are considered.
The findings of this study provide valuable insights into the strengths and weaknesses of different demand forecasting methods. The results can assist organizations in selecting appropriate forecasting techniques based on their specific requirements, industry characteristics, and available data. Furthermore, the study aims to identify areas for improvement and propose recommendations for enhancing the accuracy and effectiveness of demand forecasting methods in the future.
Keywords: demand forecasting, effectiveness evaluation, qualitative methods, quantitative methods, machine learning, performance metrics.
EVALUATION OF THE EFFECTIVENESS OF DEMAND FORECASTING METHODS. GET MORE PRODUCTION AND OPERATION MANAGEMENT PROJECT TOPICS AND MATERIALS
