Management Sciences

Analysis and Comparison of Forecast Methods for a Small Enterprise

Published:
April 14, 2020
Authors
View
Keywords
-
License

Copyright (c) 2020 by the authors

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.

How To Cite
Selected Style: APA
Törő, L., & Pusztai, L. (2020). Analysis and Comparison of Forecast Methods for a Small Enterprise. International Journal of Engineering and Management Sciences, 5(1), 14-21. https://doi.org/10.21791/IJEMS.2020.1.2
Abstract

The application of forecasting models is an essential part of the profitable operations of every company. However, today’s small and medium sized enterprises (SMEs) does not pay enough attention to this field. This research presents a case study in which we tried to determine the sequence of a forecasting process, furthermore, determine the best applicable method to the dataset. Seven dissimilar forecasting method was applied: moving average and weighted moving averages with different periods (2-3-4 weeks), as well as exponential smoothing. The four-week-long weighted moving average served the best solution, which was tested by tracking signal as well.

Database Logos