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Determination of Exponential Smoothing Constant for Demand Forecasting of Milk Product (Paneer) in Chhattisgarh, India

Pradeep Kumar Sahu*

*Chhatrapati Shivaji Institute of Technology, Durg, Chhattisgarh (India).

Periodicity:August - October'2013
DOI : https://doi.org/10.26634/jme.3.4.2486

Abstract

This paper examines the appropriate value of exponential smoothing constant to minimize error for forecasting. Trial and error method is used to determine the optimal value of exponential smoothing constant. Based on literature survey, weekly data collected over October 2011 to October 2012 from Raipur Dugdh Sangh (Devbhog Dairy Industry) in Chhattisgarh. The accuracy of the forecasting method was measured using mean Absolute Deviation (MAD) and mean Square Error (MSE). The value of the smoothing constant that minimize a measure of forecast error like mean Absolute Deviation (MAD) and mean Square Error (MSE) are calculated.

Keywords

Milk Product, Exponential Smoothing Constant, Mean Absolute Deviation (MAD) and Mean Square Error (MSE)

How to Cite this Article?

Sahu, P. (2013). Determination of Exponential Smoothing Constant For Demand Forecasting of Milk Product (Paneer) in Chhattisgarh, India. i-manager's Journal on Mechanical Engineering, 3(4), 33-38. https://doi.org/10.26634/jme.3.4.2486

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