Use of forecasting for inventory management in subhams gear, Khairne

Abstract

This synopsis discusses the “SALES FORECASTING IN SUBHAM GEAR”. Sales Forecasting is the process of estimating future sales. Accurate forecasting enables companies to make informed business decision and predict short term and long term performance. Companies can base their forecasts on past sales data, industry-wide comparisons, and economic trends. Forecasting techniques are used for making relatively short term decisions in this is Quantitative Method. The quantitative method is further divided into Time series analysis method. However the time series analysis method is further classified into Moving Average Method, Exponential Smoothing Method, Least Square Method, etc. For sales forecasting three methods are used i.e. Moving Average Method, Exponential Smoothing Method, Least Square Method to forecast for the year 2019 by using previous data from 2018 to 2019.In order to ensure the accuracy of the forecast methods used, forecast accuracy can be found by using forecast error methods are used which are mention in this synopsis. KEYWORDS: Sales forecasting, Quantitative Method, Moving Average Method, Exponential Smoothing Method, Forecasting Error.