Forecasting Palm Oil Production In Malaysia

450 words - 2 pages

Forecasting demand of a product or service is very important for most businesses. Most of the large business companies have some sort of forecasting technique that they use to try to predict the demand in future. The majority of small business companies also have a forecasting method, but it may not be as advanced as the one the larger corporations are using. A sales forecast is defined as the amount of a product the company actually expects to sell during a specific period at a specified level of marketing activities. Businesses use the forecasts for planning, organizing, implementing, and controlling their activities. ...view middle of the document...

Forecasting sales or demands demand properly can lead to money and time saved on the job. If the proper forecasting is done it can lead to the company prospering and even expanding to new heights.PROBLEM DEFINITION3.1To gain knowledge of forecasting techniques and their application in forecasting a variable.3.2The significant performance of the palm oil industry has shown an inconsistency of the production and instability of the palm oil prices. This has made the forecasting task of the production and prices difficult.3.3A reliable forecast is essential to the market participants to minimize uncertainties and hence losses.3.4To forecast monthly production of palm oil using the time series and econometric techniques.3.5To evaluate the forecasting result and analyze the accuracy of the forecast figures.Bibliography•McGuigan, J.R., R.C. Moyer and F.H. Harris (2005) Managerial Economics: Applications, Strategy, and Tactics. 10th Edition, South-Western.•Forecasting Demand: Monitoring Demand Leads to More Profitable Decision-Making, An Oracle White Paper, August 2005•Demand Forecasting: Evidence-based Methods, J. Scott Armstrong and Kesten C. Green, Department of Econometrics and Business Statistics, September 2005 Economics Text Book

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