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

Kartik Gupta; Puneet Bhatia; Rishabh Dua

doi:https://doi.org/10.51976/ijari.421615

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

Kartik Gupta, Puneet Bhatia, Rishabh Dua

Vol 4 , Issue 2 , April - June 2016 | Pages: 96-99 | Research Paper

https://doi.org/10.51976/ijari.421615

Received: April 02, 2016 | Revised: May 20, 2016 | Accepted: May 28, 2016 | Published Online: June 15, 2016

Author Details ( * ) denotes Corresponding author

1. * Kartik Gupta, Department of Mechanical, Production and Automobile Engineering, Delhi Technological University, Delhi, India (kartik12345@gmail.com)

2. Puneet Bhatia, Department of Mechanical, Production and Automobile Engineering, Delhi Technological University, Delhi, India

3. Rishabh Dua, Department of Mechanical, Production and Automobile Engineering,, Delhi Technological University, Delhi, India

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.

Keywords

Forecasting; Economic Order Quantity; Inventory Cost

Mathew, A., Somasekaran, E. M., and Joseph, J., ", Demand Forecasting For Economic Order Quantity in Inventory Management ", International Journal of Scientific and Research Publications, 3, 10, October 2013.