non-linear optimization
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Demand Forecasting for Seasonal Demand Patterns: Case Study of a Pharmaceutical Company
Abstract: In this paper the authors have developed a heuristic model that addresses demand forecasting for products those follow seasonal patterns. The model is checked against various renowned forecasting methods by comparing forecast errors. The proposed heuristic model is found to give better results than the Winters’ and other exponential models. Non-linear optimization is used to choose the values of smoothing parameters rather than depending on human judgment or experience. This …
Published in Journal of Production Research & Management · Vol. 4, Issue 3, 2014 · pp. 1–7 Read article