|Problem Statement|| |
Forecasting methods being used in Arifco’s have some room for improvements. i would like to reduce between the actual demand and the forecasted one.
|Aims and Objectives||Aims:|
|Importance||Enhance the forecast technique at Arifco, in order to avoid shortage/surplus in stocks. Also, to avoid opportunity costs that might be incurred due to not meeting the clients orders while also it should help maintaining the proper inventory level (i.e. no more than the desired level) ,thus, reducing the cost associated with it.|
|Scope||The research will focus on Arifco plastic product. We will start by defining the segment or products that examine the forecasting techniques used in demand planning at Arifco and compare the results with other techniques in order to determine the best methodology in forecasting the demand of plastic.|
Application of Forecast Techniques at Arifco Plastic Factory – Jeddah, Saudi Arabia