Sales Prediction In Tourism Industry (ml)

Sales Prediction in Tourism Industry (ML)

Abstract:

Sales forecasting is a big business. If you can better predict how much of a certain product or service you will sell in a given day, you can better stock inventory, better staff your facilities, and ultimately keep more margin in your business’s accounts. A comprehensive method of finding seasonal patterns of demand and the accurate prediction of future demands are still critical elements for different industries. A statistical forecasting model has been proposed and implemented in a sales prediction in tourism industry. Based on this comparison, using the proposed statistical forecasting model can improve the Mean Absolute Deviation (MAD) and the mean squared error (MSE).These improvements will drastically improve the chance of consistently maintaining the right levels of inventory in the right place and at the right time. It also provides the opportunity of ensuring the safety stock of its inventory is sized correctly to avoid inflated carrying costs and lost sales orders due to stock outs.