Finding the Best Mathematical Forecasting Model for Ordering Non FMCG Items at an FMCG Retailer

Abstract

The future of a company can be judged by precise planning and predictions. This is helpful to steer clear of hypothetical product reserves. Also, it supports to create a good schedule for production to attain demand of customers and various other factors of market. Similarly, the forecasting can help non-FMCG companies. The current research possesses tools, organization form and method that gain supply chain. Moreover, it aims on products that are expired, damages, and come back from customer. Without question, return product had huge influence on income and deficit. Consequently, this trouble can be solved by assessment of supply chain. By set up through various important parameters and by modifying accounting practice. Following analysis phase, innovative models of world about returning process were examined and in design phase these items can be incorporated into alternative solution. During production life cycle, it assists in finding company performance. To know about forecasting, in present work, we have adopted a mathematical model. In this modal, the forecast is under sales estimate then the bias is considered as the negative for company. Time series method provides an ideal solution for the problem for correlated data.