Articles | Open Access
Faculty of Economics, Management, Bhayangkara Jakarta Raya University
Abstract
Forecasting is widely used in business, to predict future sales, use of raw materials,
determine the amount of production, estimate financial needs, and human resource
needs. Basically, forecasting is done to minimize business risks. The time series data
is most widely used in business. There are many forecasting methods, however, not all
forecasting methods are suitable for particular data. In this paper, we present how to
choose a forecasting method that is fit for a particular data. The principle of selecting
a fit model is to compare standard deviations between one method and another.
Keywords:
Forecasting–data time series–fit model–standard deviation
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