Estimating the Future Demand for Manufacturing Goods Using Time Series Forecasting Approach

In day-to-day increasing demand of products, forecasting plays an important role. The forecasting is not only limiting the application to forecast the future demand but also used for other applications such as economical returns, weather prediction etc. The forecasting method converts the raw data into useful predictions by undergoing through serios of steps for systematically evaluation. It encompasses both the qualitative as well as quantitative methods to provide the tailor-made solutions to the specific context and the available data. The present study briefed the forecasting concept and also discussed the various facts and facets associated to forecasting process. The time-series analysis method is used to predict the future demand. The week-wise data for two consecutive years was gathered and then processed through time-series analysis. In addition, the regression equation was also estimated for predicting the future demand. The forecast accuracy was also studied through the estimation of R
²
value which is app. 0.99 gives the model-fit analysis.