FORECASTING THE DEMAND FOR PRODUCTION OF VEHICLES USING ARIMA MODEL AT FACTORY No. 3, THANG LONG METAL COMPANY
Keywords:
Forecast, production, time series, ARIMA.
Abstract
The research conducted statistical data analysis to forecast the demand for
vehicle claw production for Factory No. 3 of Thang Long Metal Company. By
applying the ARIMA time series forecasting model, the team found that the ARIMA
model (1,1,3) was most consistent with the data from January 2011 to November
2022. The forecast results of the model have a fairly small error compared to
reality. Thanks to this accurate forecast, businesses can make more efficient
production plans and avoid unnecessary risks.
