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Combine forecasting method performances for demand forecasting : an exploratory study

Ramlan, Rohaizan and Raja Mohd Rasi, Raja Zuraidah and Mohd Raya, Nur Diyana (2014) Combine forecasting method performances for demand forecasting : an exploratory study. Journal of Applied Sciences Research, 11 (4). pp. 1-6. ISSN 1819-544X

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Abstract

Forecasting is the basis of the decision making process in production. The need to make forecasts in the management and operations is increasing, especially in order to achieve its objectives. Choosing an individual method is more risky than choosing a combination forecast and choosing the individual method may have significantly worse performance than the chosen combination. Hence, the purpose of this exploratory study is to implement and compare the performances of combination forecasting methods. The inventory demand data collected for eight consecutive years. The combine forecast methods used are equal weight combination method and multiple regression combination method. The best forecast method is multiple regressions that provides almost the same demand to the actual product demand and has the lowest total rank of forecast accuracy.

Item Type: Article
Uncontrolled Keywords: combine forecasting, demand forecasting, forecasting method
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD28 Management. Industrial Management
T Technology > TS Manufactures > TS155-194 Production management. Operations management
Divisions: Faculty of Technology Management and Business > Department of Production and Operation Management
Depositing User: Normajihan Abd. Rahman
Date Deposited: 24 Jul 2016 07:24
Last Modified: 24 Jul 2016 07:24
URI: http://eprints.uthm.edu.my/id/eprint/8190
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