DEMANDFORECASTING

103
Businessisfullof
o uncertainties, and so is the
consumer's behaviour. Some
available about the consumption pattern of the established product, but
is
forecasting demand of a new product is really a difficult task. Buyer's tastes and
dala
preferences maycchange over time, new products may enter market, new technol-
develop, and so on. Under dynamic conditions it is difficult to forecast
5 ogy may
demand correctly.
Demand Forecasting forecast is a prediction or estimation of afuure situation, under given
A
Constraints. Overthe years, different techniques of demand forecasting have been
logical.and accurate.
developedto make it more
forecasting
OBJECTIVEOF THE 11.Purposes of demand
CHAPTER Time-lagis involved inthe production of commodities andtheir consump-
tion. Similarly,
time-lag is also involvedin taking a decision by afirmto produce
Afirm has to operate under dynamic conditions where buyers' tastes and commodity and its actualI production. The purpose of demand forecasting differs
long
of forecasting, .e., (a) short-ternm forecasting, and (b)
a
preferences may change over time, new products may enter the market. ne according tothe type
technology may develop, and soon. Under dynamic business conditions dempii term forecasling.
forecasting is very difficult. It is also difficult in case of new products about which (a) Purpose ofShort-term Forecasting. It is difficult to define short run for
no information is available about consumers preferences. In this chapter, we shall duration may differ according to the nature of the commodity.
a firm because its time may be considered as
discuss the purpose of demand forecasting, steps in demand forecasting, methods plant 3 months
For ahighly sophisticated automaticduration may extend to 6 months or one year.
of demandforecasting and criteria ofa good demand forecasting. short nun, while for another plant the
Time-duration may be set for demand forecasting depending upon how frequent
forecasting can be undertaken by a firm
CHAPTER SCHEME the fluctuations in demand are. Short-term
1. Introduction forthe following purp0ses:
to avoid problems of over
11. Purposes ofDemand Forecasting () Appropriate scheduling of production
12. StepsInvolved in DemandForecasting productionand under-production.
13. Determining the Scope ofDemand Forecasting (1) Proper management of
inventories, i.e., purchasing raw materials at
avoidingover-stocking.
2. Determinants of Demand appropriate time when their prices are low, and
maintainconsistentsales.
2-1. Non-durable Consumer Goods (ui) Evolvingsuitable pricestrategy to
strategy in accordance with the changing
22. Durable Consumer Goods (v) Formulating a suitable sales fims.
23.Capital goods pattern ofdemand and extent of competitionamong the
short period.
3. Methods of Demand Forecasting () Forecastingfinancialrequirements fortheconcept of demand forecasting
Forecasting. The
31.0pinion Poll Methods (0) Purpose ofLong-term short-run. It is comparatively easy o
32.Statistical Methods more relevant to the long-un than the of a
forecast the distant future. Fluctuations
4. Criteria of aGood Demand Forecas ting orccast the immedjate fuure than to again difficult to give
distant future. It is
larger magnitude may take place inthe economy the duration may
a fast developing
1.INTRODUCTION PeCSe detinition of long-run. Inastagnant economy it may go up to for z0 yeas.
which
up to Sor 10 years. while in of the product
In the preceding chapterwe discussedthe theoryof demand from the pon the nature
of view of the households as buyers. There is yet another aspect of demand which Moreover, the time duration also ddepends upon oflong-termdemandforecasting
is very important for the firms. Allthe calculations of a firm as regard the locatio demand forecasting is to be made. The purposes
are as follows: ofanexisting
ofplant, size of output, nature of commodity to be produced, quality of the produc project,expansionand modermisation firm which can
sales strategy, etc., depend upon demand. A firm has perennial existence. (i) Planning for a new upgradation. A
diversification and technological product can beter compete as
produces notonly for the current consumption but for future as well. It has to make Unit,
Casily forecast the
demand for a new
correct assessment of the future demand for the product, The most successful firm consolidate its position.
is one whose estimates of demand are very much nearthe actual demna nd. compared to its rival firms and
104 DEMAND FORECASTI DEMANDFORECASTING
105
(i) Assessing long-term financial needs. It takes time to
raise
resources, more particularly when the size of finances finan follows:
() Period Covered Under, forecasting. The scope of demand forecasting is
expansion, modernisationa nddiversification is very large. needed determinedIby the length of period covered for forecasting,. Broadly speaking, the
(ii) Arranging suita ble manpower. In the long-run, techniques o> periodsare divided intotwo parts: (a)short-ternn forecast, and (b) long-term
tion may change. Trained and skilled labour and business prody tinnee
may be needed for the new type of job responsibilities. execuliv
forecasting can belp a firm to arrange for specialised labour forDeman
forecast.
(a) Short-term forecasting takes into consideration the factors which bring
fluctuations inthe pattern of demanndin the market. These factors include change
personnel.
weather conditions, tastes, fashions, etc. All these factors independently and
(iv) Evolving a suitable strategy for changing pattern of consumption in
combinedlyinfluence the nature of dennand for a particular product. Afim will
emerging pattern of industrialisation, urbanisation, 2s regard the availability of raw materials, machinery,
education,
of contact witb the rest of the worldl could be closely studied degn
for forecasiing demand, and this may help it to formulate by afn
have to take decision
cquipmernt, power, transport, finance, labour, inventory control, etc., in accor-
withthe changes in the factors affecting short-term demand. Short-lerm1
strategy to produce goods in accordance with the changing nccdssuitab
ofa
dance
demand forecasting may involve a lime penod ranging from3 nonths to one vear.
community.
12.Steps involved in Demand Forecasting (b) Long-term forecasting ta kes into consideration the influence of factors
like structuralchanges, soci0-eCononmic changes, governnent's fiscal and pbysi
Demand forecastingto be efficient,accurate and consumer's demand. Long term forecasting is generallyrelated
cal policy, etc., on
according to a systematic plan. Various steps involvedmeaningfulshould proce
in demand forecasting ar lo consumer durables. A firm,on the basis of iong-tein forecasting, takes decision
as follows: of capacity, modernisa
as regards the size of output, sales promotion, expansionLong-le
tion and technological upgradation, diversification, etc. rm forecasting is
1.Setting the Objective. Clarity of objective
forecasting casier. The firm should be clear as to themakes the process of dena
purpose of dennand forccas.
based on the trend, which must be clearly ascertained.
ing. The firm may use demand forecasting for (i) Levels of Forecasting. Demand forecasting can be underta ken at
determining
fixation of price, allocation of funds for sales promotion, nodc the size of outpu.
(a) Macro-economic level, (b) Industry level, (c) Fim level,
of ditferent levels, viz.,
resources, inventory control, change in product-mix, upgradalion ofraising capial
technology. and (d) Product line level.
etc.The approach for forecasting willdiffer accordingly. (a) Macro-economic level. Macro-econo mic forecasting
covers the whole
aggregate expen
2. Selection of Goods. Categorisation of goods Onomy. Macro-econonmic indicators such as tational income,
approach for demand forecasting. Broadly speaking, facilitates
two-fold
the sclection ol
classification diture,industrial production, wholesale price index, etc., help in the measurement
their forecasting on
goods may be resorted to for forecasting, viz., (i) consumer goods and capilald ol the levelof business activity. Business firms have to base
goods, (i) existing goods and new goods. Method ofdemand forecastingwill dilfr these nacro-economicindicators.
according to the nature ofgoods. have to forecast dema nd
(b) Industry-level. Firms ope rating in an industry
3. Selection of Method. Different methods could be al the industry level. Data relating to the trend in a particular industry is provided
uscd for denad nmembers. For example, a firm producing electronic
fore casting. The scope and success ofa particular method
depends ny trade association to its industry will behave
of investigation, resources - monetary and time-available with the upon the are electronic
mponents may be interested to know as to how formulate its plan as regards
of accuracy required, availability of data, availability of trained firms, degr n Tuture. The firm, on the basis of available data, can
personnel, e
Similarly, different methods ma ybe needed forshort-term and long-ternm oulput, sa le, capacity expansion, etc.
ing. forecasl independently undertake demand forecastingof
(c)Firm level. A firm can undertake forecasting of
4. Interpreting the Results. This is the most important siep in denand its own products. For eexample, Tata Oil Mills Lid., may inthe markel.
competitors
forecasting. The results of demand forecasting should be very carcfully analyscd IIs 0wnproducts to assess itsposition vis-a-visits diversified
before any inference is drawn out of them. (d) Product-line level. A firm engaged inline the production of
is bascd on a numbr
assumptions. Ifthese assumptions change,as Forecasting product level so as to decide wbich
they may,due to changes in poni "educts may undertake forecasting at the offundsto maximisefirm's
overall
economic, social and international factors. the revision largerallocation
inevitable. of forecast may c productorpro
profits.
products should,dget
by
13. Determining scope ofdemand forecasting is also determined
The scope of easierfor afirmto go forgeneral
(ii) PurposeeofForecasting. specific.
forecasting It is is
Certain factors have to be taken into account betore purose, i.e., whether generalor served if the general forecast
demand lorecasb"s
actually effected. The factors determining the scope of demand lorecasting. However,? a much useful purpose is
lorecasing a
 follows: asinvestigator
ment. ing
ing. judgement
do of
3. ofbad However, 108
meaningful data essential
methods the estimates availability,
intluenced
behaviour norms For
Normally, goods:
replacement wage
whenever demand
machinery,
to plants, belp purchases.
tools,23.Capital Goods deliberation
introduction durables
should The not can years METHODS insolvent example, produce. The
methodsThe of crop rates in
speak be In Demand (ü) ()relating Data to Like further
These Demand
judgement collected,demand tobas have fo r tbe it Growth
The there for are
strike is make by is of consumer and capital
manifestation.
should necded.
for its the
future oilseeds
oil.
present
many norms
is demand are among
of
multiplicityOFDEMAND
developed forecasting assumed sizeof production
is newforecasting not of
relative
demand most But, prospects demand also
athemselves, forecasting demand purchased
balance not classified, under vegetable model the
should Through unpreditable consumption ofconsumption this norms
the and marketof goods known
durables,
demand prevail or that members
forecasting merits th e may following new for for
of
between Sound
several import of equipment, of or
be forces.
changing
is of the
the capitalother isgoods as spontancously new
forecastingcan upon tabulated, they the a
judicious FORECASTING a consumption ghee
be
norms
demand. the derived "producer a consumer
based
judgement and
methods thing very due industries the
industriesgoodsgoods technology of
need use may producing
restrictions. a
mathematical the accurate Moreover,
demerits. to of required demand is and bousehold.
ofstatistical absorbing of factory
facts.upon the mixture
conditions
in
also consumption
the capital demand.and services. 's durables
analysed of the using depends goods' . but
change.shortage may usingservices
risedbe Thus,facts is
summa skill and dema îürms goods may
prime a economistsworld
Selection for for building, sporadically
and With not the Any is
of andcredible.
of is capital upon These Capital
demandcapitalgoods. These lead
techniques an and aand nd a mightalways capital
per not
statistical becausedifficult of that information as
efficientrequisite change would
thetalented
mathematical forecasting. difficult
interpreted. solvent unit th e include
toFORECASTING DEMANDan 979-984
of be goods. goods warehouses, the
goods postponement
goods easy
the in personal the and using give
remain offorecasting rate after
it
exercise.
task. in installed capital
and dema analyst for skill statisticians
right is oil a of are rawwhich thoseare task.
motivated the correct may a
form of a sound good But, EachConsumer's larger
on profitability, great
bias techniques
nd and account unchanged. goods
demandedmaterials. regards the
Consumer
pattern
foreca forecas statis to rational method of Making contentpicture.capacity.
of
comprise etc. of
ju0 capital deal
cue o give these over and belp The their
iS of of Of
ingproducers'goods toaluminium.
are the . like misleading. Selected properly contacting
opinion of
The . Lorecasting
industrial that 1s
it firmapproach
closest
disliking,
umers' most method' the in intermediate
different
demand production Method'
product natureandne e year. aalso sought be Poll
31.Opinion
Methods Consumers' FORECASTy
DEMAND

mption
close
. theCollective
pattern, etccontact
in

In
O
uses
of
ple
OTorsteelnand lproducers. Opinion
sample

based trulyrandom
of Under
on
opinion

the a may isfirmmaygo

requires
or
InThe
their
case Consumer tothe
all intentions
(a) In
Method Survey

Opinion
MethodsPoll
ne
i
Dcmamd
this estimationan
the left the of buyers opinion dete
customers, intermediate of product demand
market
deliberately rmine Collective
method, two this
the
is poll behaviour
represents
on sample households plenty
oncomplete Opinion
Method
Fanccoti
Opinion
with In basis the for 's poll, sdMethods
product.
intermediate used method the they personally Suvey the
industries
markets.
End-use of that
consumers, of in the Chart
buyers opinion belong survey
have instead an finalinfor of as enumeration,
resources, flikely
or emerging the
intermediate the the case,
the investigation.
misguidethe
the Method. product,
Then, proves population. the samples, complete
in Method. opinion 15 Experts'
Opinion
Method
is
it pollhouse the to Demand :
sought. of demand
final is tomethod,
. purchasesknow of
consUmers, known who region. trend
This and there very of This and manpower
holds enumeration In of Demand
nformation
accurate
about It th e tirm their the Forecasing
method tbe product method theirsome at this Ghic Methed
in () Tecbniques
Projection
eaction, is is can for Useful However,
as constituting
sample times The at market buyers.
Method Trends
also pattern 'E of
Method'nd-use or bas views
metbod, Forecasting
presumed be this is th e opinion
and given a
known is end-use representa
is major to Methods
opinion y autonobile
madomestic very bulk
when
demandthe households based
may
go or abouta demand. sales
fms',theto if is time. forsample
of not
limitation for price, the
that be
as demanddifficultproduct. thethere taken on Moreover, a Foo
Barometric|
Regression Statistical
Methods
of usefuldemand express particular
representativesin
salesmen, 'stheales exportand
industry.
population,
of are the tive door-to-door the
as surveys. experts
couldand
because sale mayassumption largehousebolds the of future
product.their salesmen force for may be 'Input-ousput
For their this
is prove generalised the product
beingopiion The
example, varnations -
Method
liking, made dema nd opinionburden method survey usually
totally of of lo that of
the who the end the are and the
to be
thad
 110
carlier
Thegroup,identity. 'Delphi buyers,
of serve exclusively
personal
method to techniques.
contacts
more ofsalesmen. collective
wisdom account insalesman itThe
optimism
irection
smoothtrend. aimportant However, timeSuch follows:
techniques Inoccurring.
(a) are32.Statistical
as Methods of plan income forecasts
Trend order a severa firm
is process panel that usefulin
The Besides,
All (i) knownlong-run Output Statistical This wbichgroup. (c) for is
to AnotherTechnique'firmslunknown
Experts'Opinion purpose. bias. and distribution, the and for collects
freeha
of Graphic Projection It of suitable
future method demand.^ometimes
tbis values mong
a it are
maintain method onfirst-handForecasts likely
has also goes may In experts can Consequently, forecasting pessimism granted.
tendency as and used. the this
ee-hand nd a techniques has case
on group obtain Thirdly, only which changes information
curveMethod. of thbesetrend.distinctsales eitber factors opinion has
output Method objectivity
The the isuntil of to of certain
method
mayemployment, It
follows: areas of advanta best
disagreement,
revise
investigation. of views is for knowledge
is Several ofa important some another most sales be in on may
warddrawn or tendency a experts Method.salesmen that tbe
Tbis time-series firm have suited the
demerits.
of more does the the from
sales sort its of may short-term
uncertain, th e of revise the
and ges forecast newauthentic prices, part
passing methods
is may
statistical
proved
of may
group the
a
whole of not firm the
for the either of in Instead ffect lack sales etc.
increase precision speedunanimity
situations the specialists Tais products. the ofsalesmen,
the does
differentmost agree of investigation First, require changes
The
salesman.
through to to to information or provides vision
the and
forecasting. men. salesmen. estimates
or increasecan be and explain experts, of because not
nward simple increase methods very demand
forecastingby chief
be or or depending At th e
years
incheapness. is
wherearrived disagree or and the in take and
as used decrease demanduseful experts. timesresults merit
designs The
many
technique or or
used
reasons maintaining data
is pattern
may
However,
Thisthese use taking the on
are decrease to is of fim opinion DEMAND the
decrease intractable passed relating upon
at not salesmen
invitiated. of of
shows theplotted measure
trend.
points over forecasting, in in to This method are this and basis
demand dema mong afor the foreseein this the intricate
based may into
isthe
the on the method
packing,
as onto over period in a responses secrecy to method most forecasts account ofof
determune the nd disagreement. all to theopinion
also market. can is also FORECASTING th etheir
possible. the the Second, particularly on
a a forecasting. changes the the
forecasting
graph treno,
perioa long statistical expert.previous
responses known influence firms use statistical
the lies takeindivid
changes resSo.!
of of may depend
time. of their poll have their direct in ove
I9and ru are the not this the inh
) asof

normalequations:
following datapastewhere
and
used:Solution:
is squares method
"best
fits'
he procdure
and squared
testimation, measure passing
chances
1991 1990 1989 1988 1987 1986 1985
FORECASTING
DEMAND
Year Table
try
wir (Rs.Mlustration.
n Sales Year (i) The In 51
values
TheseS y method ofbias it. tbrough Fig. to the
isbetween
deviations
made. y=a+ bx order
represents
andxis
ofsales
available
´least both
minimise foLeast
r disadvantage
Similarly, :Sales
Exy Ly fitting 51,
to a on the AB
to
estimate crore) nd squarespositive Squares the ofFirma
52
c
solve sales, Calculate
estimate the a part various Sales
canbe date. line smoothing is
yearnumber sthe t mnethod'. sum and Method. of of the 35 31 27 30 22 25 20(Rs.
the
ulated as +bEr?£xa bZxna+ a the to thispoints trend
equation y
1987 sales
values
trend negative of
investigator. a crore)
linear 20 set
squarescalculated method
are b forthe This ofobserved dat a The representing
of line
trend 1988
the 30 errors tluctuations which
shown technique least
forwhich = 1994:
year of is Sales(Rs. Crorel
a values of fromthe that
+ sales 1989 these may and bas 20 30
in 35 squares actual
bx, observed it been
Table that is arise.
errors. bymay 1985
we the the following
using
data used points
such
forecastis
have
are following
40
1990
1991
Wesquare method freehand show a saldrawn e
to
be to values values. 1987
findHence
to the as Fi51.g. values
Actual
estimated
from 38 a that is a
ma to general trend the all is a curve trend freeband Years
ke be minimised. the 19891991 X TrendLine
1992 name matbematical
use 47 Iine these sum may but
equation leastthe
of which errorsof of leavecannot curve 111
the the tbe Inthe
 112

Year
=6n1992 1991 1990 1989 1988 1987
Or or
Substitutingthe MultiplyingEq(1) Substitutingthe
Whenx=1,y=
Whenx=2,y=
Whenx=4,y= +4.68x2
18.62 18.62 Trend 1994 Thus,
+ orx=8.
Yearnumberof Subtracting
fromEq(3)
Eq(4)
Whenx=5, Whenx=3,
values a 210 -164=35b
b=35b=
164 1634= 210=6a+21b
817=21a9lb +
=18.62 111.726a=210=6a 1470=
=6a 164 YearNo.
y= y= of
35 42a 42a Ex
21
=
above (x) Table
52:
18.62 18.62 18.62 sa and 111.72 + value
+ 6 5 4 3 2 1
les 98.28 21 approx.
+ + by
b= 6 x4.68Eq(1)
4.68 = 182b 147b 7
+ + for ofbin and values
4.68x5 4.68 4.68 + different
4.68 1x 4.68
Eq(2)
x4 ×3 =18.62 in Calculating salesthe
the
by2 crore)
(Rs.Sales(y)
years two 2y=210
=

normalequations: 47 38 40 35 30 20
canbe
42.02 37.34 32.66 27.98 23.30
calculated
follows: as Zx2 =
FORECASTING
DEMAND
91 36 25 16 1

817Exy =

282 190 160 105 s 20

.(4) ..3) ..(1) 60

denand cconomic
+2.34x9=56.00
Canbe Techniques
Barometric
need that (b) the
n=6 1992 1991 1990 1989 1988 1987 Yeai
FORECASTI
DEMANDNG
For used not
the Whenx=3,y=
Whenx=5,y=
vo
generalequation
Y=a+bx:
Whenx=-5, Trend
Whenx=-3, b=
Since AlProblteabove
rnatv18.62+4.68x8
egimMet 18.Whenx=6,
8y=62+4.For6y8x6
e ivheodHenceWhenx= 1+
for future
depend
The Whenx-1,y=35.00
Whenx=1,y=35.00+2.34x 1 +
the the 1994the
tobarometric
example,indicatos values
ultural predict numberofyears
Exy n
Ey
x=2year sa
can toe (H989.5) le trend
upon trend 35.00 35.00
y= y= of -3 ini
index thesçchtechnique be 3S.00+ 35.00 sales 3 1 the Ivalue
ecould
market predicted
the value year
Inputs of + + + for 70 164 6 210
as
farm income, pas! 2.34x-3 2.34different
2.34 2.34 2.34x-1 is 210Zy
= 1994 sale
of
even Sales(y)
crore)
(Rs. be
like trend. fron1 of of solved
incomeobservaticns cema sale x5 x3 -5x =2.34 =35.00 47 38 40 35 20 20
wil wil
(n=6),
tilizers,population, certain nd will years by be be
as
originEr=70 Rs. follows:
can forecasting be
can nalternative a 56.06 56.06 46.70
be foevent
r as
25 9 1 1 25
tractors, a follows: 46.70 42.02 37.34 32.66 27.98 23.30 be is
good demand
expenditure,
occurring calculated ta crores.
is ken Ery
indicator
etc. based as = -100 method
forecasting. in When 1989.5. l64 235 114 values
Trend xy
40 35 90
Similarly, the on
as
invesiment,
for the I=9, follows:
follows:
as

estima present.
assumplior y=
pe Differen
rsonal ting etc. 35.00 Using 113
We
 nmSANmNRRrASTINg

114 DEMAND FORECASTI 115

income can be agood indicator forestimating demand forconsumer goods Year FarmIncome Sales of
Data relating to economic indicators is publisbed by specialised organ Index (x) Tractors(y) X, Y
tions. 100 110 10 11 100 110
1988
In order to use barometric techniques for demand
bave to be followed:
forecasting certain:Sle 1989
110 130 11 13 121 143
140 150 14 15 19 210
1990
1. To determine whether arelationship exists between the demand 160 15 16 225
productandcertain economic indicator. 1991 150 240
180 20 18 400 360
2. Establishing relationship between demand and economic indical 1992 200
through the method of least squares and deriving the regression equatia n =5 EX, 2Y, EX? EX,Y
In casethe relationshipis linear, equation will assume the form::y= a+b =70 =73 1,042 =1,063
For non-linearrelat'onshipparabolic functions canbe used.
3. Once regression equation is derived, the value ofy, i.e., demand, canb
the values of the
forecasted foragiven value ofx. Inorder to estimate the regression line we should fist find
b.
4. Past data may not prove adequate for forecasting, therefore, the inves Consta nts a and
tigator should use his judgment ta king into consideration the new facton nEX,Y - (EX, EY)
as well. b=
nEX,'- (EX,)}
Certain limitations arise in the use of this method of forecasting. Fo
5X 1,063 -(70x73)
example, it is not always possible to get an appropriate indicator. In case of ney = 0.66
product, nopast data exist bence forecasting becomesdifficult. The success ofthis 5x 1,042 -(70)
method depends upon the timelag between the economic indicator anddemand.
Ifno time lagexists, use of this method becomes difficult. EY, - b2X,
a=
(c) Regression Method
Regression method is frequently used in demand forecasting. Under this 73 70{.66)
=5.36
method, relationship is established between quantity demanded and one or mor: 5
independent variables such as income, price of the related goods,price of the Hence the regression equation is Y= a+bX
commodity under consideration, advertisement cost, etc. In regression, a quanti: or Y=5.36 +0.66X
tative relationship is established between demand which is a dependent variable Y
and theindependentvariables, i.e,, determinants ofdemand. or =5.36 +0.66
10 10
Letus suppose that we have two variables yandx, where y is dependent on
x.Itcanbe expressed inthe form of anequationas follows: 10
y=a+bx Y= 10(5.35) +0.66 10
Since this is a linear relation, a studyof regression in this case will be tna
of linear regression. If the relation is curvilinear, the study of regression in suel Y=536+066X
will be estimated
acase is called curvilinear regression. income.rises to 240. sales of tractors
tDe index of farm
Illustration. The following table shows the numbcr of tractors sold and tb as follows:
corresponding farmincome index over the year 1988 to 1992. Y =536+066x 240
Year 1988 1989 1990 1991 1992
=536+ 158:4
Farm Income Index 100 110 140 150 200
=212 thousa nd.
Sales ofTractors (000) 110 130 150 160 180 DEMAND FORECASTING means of
4.CRITERIA OF AGOOD developed
and highly
We are required to estimate sales of iractors if the index of farm income rises With the introduction of new technology
240. The regressionequations willbe calculated as follows: