1Research Scholar, Department of Business Administration, University of Lucknow, Lucknow.
2Assistant Professor, Department of Business Administration, University of Lucknow, Lucknow.
Online published on 18 April, 2014.
The purpose of this study is to find out how much the advancement in techniques improves the accuracy of sales forecast which in turns help the organization to strengthen its competitive position in the market as well as increasing the customer satisfaction and brand loyalty. Methodology: In order to check the accuracy of the forecasted results obtained from the different sales forecasting techniques ex post indicators are used such as forecast error, mean absolute percentage error (MAPE), mean percentage error (MPE), mean absolute deviation (MAD) and mean squared error (MSE). The data that has been used for computation is obtained from the official website of Central Statistical Organization and Statistical report of Government of India, Ministry of Petroleum & Natural Gas Economic Division.
Practical Implication: The need for accurate sates forecasts is essentially linked with the overall development and growth of the organization. The advancement in forecasting techniques serves the purpose of the organization
