In:
TẠP CHÍ KHOA HỌC TRƯỜNG ĐẠI HỌC QUỐC TẾ HỒNG BÀNG, Hong Bang International University, Vol. 4 ( 2023-06-24), p. 1-8
Abstract:
Consumer demand is an important factor in any business, especially in the food retail industry whose products are perishable and have a short life cycle. The daily demand for a food product is affected by external factors, such as seasonality, price reduction and holidays. To satisfy the stochastic demand, product characteristics vary with customer are required to be timely updated based on market dynamicity. According to previous research, to choose suitable forecasting model is the main concern of enterprises on demand management issue. Proper demand forecasting provides organization with valuable information regarding their prospective in their current market, allowing to make appropriated production portfolio. By applying ARIMA and Holt-Winter, this paper aims to forecast the canned fruit demand at a specific company to help them eliminate waste of lean related to production and distribution. Results are evaluated according to forecasting errors (MAD, MSE, MAPE). By comparing the aforementioned methods, it can be concluded that ARIMA outperforms Holt-Winter related to prediction accuracy.
Type of Medium:
Online Resource
ISSN:
2615-9686
DOI:
10.59294/HIUJS.VOL.4.2023
DOI:
10.59294/HIUJS.VOL.4.2023.380
Language:
Unknown
Publisher:
Hong Bang International University
Publication Date:
2023
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