Demand Forecasting, Economic Order Quantity and Inventory Costs Calculation of a Company Producing Solar Panels

Forecasting accuracy drives the performance of inventory management. This study involves forecasting the sales of PV modules of a solar panel manufacturing company by demand forecasting methods including regression and exponential smoothing models. Demand forecasted is used to control inventory, min...

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Bibliographic Details
Published inInternational Journal of Advance Research and Innovation Vol. 4; no. 2; pp. 96 - 99
Main Authors Gupta, Kartik, Bhatia, Puneet, Dua, Rishabh
Format Journal Article
LanguageEnglish
Published 2016
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Summary:Forecasting accuracy drives the performance of inventory management. This study involves forecasting the sales of PV modules of a solar panel manufacturing company by demand forecasting methods including regression and exponential smoothing models. Demand forecasted is used to control inventory, minimize cost of ordering and holding inventory. The model should propose a viable economic order quantity which reduces the total cost of the plan.
ISSN:2347-3258
2347-3258
DOI:10.51976/ijari.421615