Demand Forecasting By Time series Analysis

Forecasting Demand denotes an estimation of the level of demand of the product at a future period under given circumstances. This paper helps the firm or the entrepreneur who have estimate for the longer period, i.e., long term demand forecasting. For the long term demand forecasting , some statistical and mathematical techniques needed to predict the future demand . So the researcher adopt the time series model, Auto Regressive (AR process) for the future demand. This paper helps a firm or the Entrepreneur to assess the probable demand for its products and plan its production accordingly. To predict the future demand based on the past demand and price of the firm or the entrepreneur, and present demand and price of the firm or the entrepreneur, researcher used the AR time series model. It will conclude or take a major decision part in the firm or the entrepreneur for their development.