|
|
| |
| Evaluation of Sales Forecasting Methods Used by Neighbourhood Stores in Ago Palace Way, Okota, Lagos
Download PDF
|
Omotayo Adeniyi Adegbuyi, PhD and Sidney Ogodo
|
Abstract:
This study evaluated forecasting methods used by neighbourhood stores in Ago Palace Way, Okota, Lagos, Nigeria. The purpose was to ascertain the accuracy of the method(s) used and to recommend ways to improve the method(s). The study employed a quantitative research design. Structured interview and questionnaire were the instruments used to collect data. The data collected were analyzed using descriptive statistics. The findings revealed that the neighbourhood stores studied employed elementary qualitative forecasting techniques to manage their inventory and predict future demand. Sources of information used for forecasting demand were the experience of sellers and information from suppliers. The study recommended the use of the simplest quantitative forecasting techniques (Time Series Analysis) because it could provide a more accurate sales forecast relative to the elementary forecasting techniques being used by the neighbourhood stores.
|
|
|
| | |