CHUKWUMA, MIRACLE CHUKWUNAZAEKPERE and Covenant University, Theses Masters (2024) DEMAND FORECASTING AND PRODUCTION PLANNING IN THE FASHION INDUSTRY IN LAGOS STATE, NIGERIA. Masters thesis, Covenant University.
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Abstract
The purpose of this study is to evaluate the influence of demand forecasting on production planning in the fashion industry in Lagos State, Nigeria. The study aims to address the challenges of inventory control, resource allocation, and pricing strategies by analyzing the effectiveness of simple moving average (SMA), weighted moving average (WMA), and exponential smoothing in predicting demand and optimizing production processes. Utilizing a mixed-methods approach, the study combines primary data collected through 105 filled questionnaires using random and purposive sampling techniques, analyzed using SEM-PLS, alongside secondary data from a clothing store, organized and analyzed with Microsoft Excel for historical sales and inventory data. The findings reveal that demand forecasting significantly impacts production planning (β=0.565, t=9.132, p<0.05). Exponential smoothing is found to be particularly effective in forecasting prices, while SMA proves beneficial for inventory management despite its limitations. The study highlights that while SMA provides basic forecast accuracy, WMA and exponential smoothing offer superior precision and adaptability in resource allocation and pricing strategies. These insights underscore the critical importance of selecting appropriate forecasting methods to optimize various aspects of production planning in the fashion industry, ultimately enhancing operational efficiency and strategic decision-making.
| Item Type: | Thesis (Masters) |
|---|---|
| Uncontrolled Keywords: | Demand forecasting, inventory, production planning, moving average, exponential smoothing |
| Subjects: | H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory |
| Divisions: | Faculty of Law, Arts and Social Sciences > School of Management |
| Depositing User: | ORIGBOEYEGHA |
| Date Deposited: | 16 Sep 2024 16:25 |
| Last Modified: | 16 Sep 2024 16:25 |
| URI: | http://eprints.covenantuniversity.edu.ng/id/eprint/18422 |
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