8th Annual International Conference on Industrial Engineering and Operations Management

The accuracy of different forecasting techniques on Jeddah Paints Factory

Abdulaziz T. Almaktoom
Publisher: IEOM Society International
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Track: Undergraduate Student Paper Competition
Abstract

This research discusses forecasting disputes that many companies face while setting a new strategic plan. Jeddah Paints Factory is one of the manufacturing companies in Saudi Arabia in which its top management decided to change and improve their strategic plan to be aligned with the new Saudi vision of 2030. Data of one product line (water-based paints) of three sizes were collected using four different forecasting methodologies. Simple Moving Average, Simple Exponential Smoothing, and Trend Projection and multiplicative method were used to predict the production in the next 5 years. The accuracy was measured by Mean Absolute Deviation where the 5-Moving average method is found as the best and more accurate than exponential smoothing, Trend projection or multiplicative method. 

Published in: 8th Annual International Conference on Industrial Engineering and Operations Management, Bandung, Indonesia

Publisher: IEOM Society International
Date of Conference: March 6-8, 2018

ISBN: 978-1-5323-5944-6
ISSN/E-ISSN: 2169-8767