Nobody downloaded yet

Statistical Models for Forecasting milk production - Statistics Project Example

Comments (0) Cite this document
In the paper “Statistical Models for Forecasting milk production” the author analyzes dairy farming sector, which faces a number of technical, economic and institutional problems in milk production, processing and marketing. These constraints affect the ability of the sector to participate and compete in the domestic and regional markets…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER98.4% of users find it useful
Statistical Models for Forecasting milk production
Read TextPreview

Extract of sample
"Statistical Models for Forecasting milk production"

Download file to see previous pages In time series analysis, an autoregressive integrated moving average (ARIMA) model is a generalization of an autoregressive moving average (ARMA) model. In theory, the most general class of models for forecasting a time series are stationary and can be made stationary by transformations such as differencing and logging. ARIMA models form an important part of the Box-Jenkins approach to time-series modeling. A non-seasonal ARIMA model is classified as an ARIMA (p, d, q) model, where: p is the number of autoregressive terms, d is the number of non-seasonal differences and q is the number of moving average terms.
At the identification stage one or more models are tentatively chosen that seem to provide statistically adequate representations of the available data. The parameters are estimated by modified least squares or the maximum likelihood techniques appropriate to time series data.
For adequacy of the model, the residuals are examined from the fitted model and alternative models are considered. Different models can be obtained for various combinations of AR and MA individually and collectively. The satisfactory model is considered which adequately fits the data.
Method selection
The best model is obtained on the basis of minimum value of Akaike Information Criteria (AIC) which is given by:
                               AIC = -2 log L + 2m
                                               Where m = p + q
                                                               L is the likelihood function
p& q are orders of Auto-Regressive and Moving Average models respectively - number of parameters, Akaike (1974) ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Statistical Models for Forecasting milk production Statistics Project”, n.d.)
Statistical Models for Forecasting milk production Statistics Project. Retrieved from
(Statistical Models for Forecasting Milk Production Statistics Project)
Statistical Models for Forecasting Milk Production Statistics Project.
“Statistical Models for Forecasting Milk Production Statistics Project”, n.d.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Models of Health Production
... INTRODUCTION: Healthcare economics encompasses all factors that ensure viable implementation of healthcare services (Getzen 4). The research delves on the suppliers and users of healthcare services. The research delves on the effects of the different healthcare economics factors. Maximization of the healthcare economics factors contributes to the successful serving of needs of the users and suppliers of healthcare services. BODY: Health production or promotion concepts or models incorporate economic principles (Getzen 4). The health economics principles include the supply theory. The healthcare facilities are the providers of healthcare services. Under the supply principle, the health care...
10 Pages(2500 words)Essay
Models for Forecasting Exchange Rates
...Condition (PPP) , Sticky price monetary model of Dornbusch and Frankel , Balassa- Samuelson model based on productivity differentials, uncovered interest rate parity (UIP) (2. Cheung, Yin-Wong ; Chinn, Menzie D. ; Pascaul, Antonio Garcia) Model Assumption / Determination Purchasing Power Price indices rather than actual prices are Parity Condition (PPP) considered Sticky price monetary Similar to PPP, but Price variables are modelof Dornbusch and replaced by Macro variables Frankel Balassa- Samuelson model Based on productivity differentials Monetary Model (Mark - 1995). - Mark's...
8 Pages(2000 words)Essay
...standards followed during milking and subsequent storage and transport. There are various types of microorganisms that can be found in milk and related products depending on the hygiene standards followed. The microorganisms found in milk and milk related products are classified as unfavorable- ones that are responsible for causing spoilage, and favorable- ones that responsible for bringing about desired changes in the products. There are various established methods available to enumerate the type of the microorganisms present along with their quantification. To ensure that the consumer gets a safe...
15 Pages(3750 words)Essay
Statistical Forecasting in Business
...Applications of Statistical Forecasting in Business April Executive Summary Business forecasting models which include moving averages, simpleaverages, exponential smoothing and some decomposition (Lapide, L. 2000). These models are easy to use as the managers’ only needs to insert data and then use predetermined formulas for the time series model values. According to many researchers in the field of business forecasting, businesses which have embraced the application of forecasts are more likely to have a competitive edge than the other who have not since their decisions are backed by tangible data...
4 Pages(1000 words)Term Paper
...Ex 9 Forecast using simple moving average: Using simple moving averages, the personnel expenses forecast for fiscal year 20X5 is $6,083,333. Forecast using weighted moving average: Year Personnel expenses 1 5,500,000 2 6,000,000 3 6,750,000 4 6,291,667 Using weighted moving averages, the personnel expenses forecast for fiscal year 20X5 is $6,291,667. Ex 9.3: Forecast using simple moving average: Year Total revenue ($) 1 1,425,000 2 1,400,000 3 1,350,000 4 1,391,667 Using simple moving averages, the total revenue forecast for fiscal year 20X5 is $1,391,667. Forecast using weighted moving average: Year Total revenue 1 1,425,000 2 1,400,000 3 1,350,000 4 1,379,166 Using weighted moving averages, the total revenue forecast... for...
4 Pages(1000 words)Statistics Project
Statistical models and probabilities
... 30 December Statistical Models and Probabilities in Civil Engineering IntroductionCivil engineering is an ever evolving field. Newer techniques of construction are being explored to achieve maximal quality with minimal expenses and time of construction. Statistical models and probabilities play an important role in this. Performance of companies on past projects and lessons learnt from the history provide guidelines for rational decision making in the future projects. Alternative decisions are assigned probabilities accordingly. This paper studies five applications of statistical models and/or probabilities in civil engineering. 1. Scheduling Scheduling is one of the most important areas of civil engineering. For every project... of the...
2 Pages(500 words)Essay
...Forecasting Forecasting can be widely regarded as a technique or method of projecting various future elements of a business or other operations. Various techniques can be applied to achieve the objectives of forecasting. While the word forecasting might appear to be somewhat technical, planning for the company’s future is a crucial element of management in any organization; non-profit, business, or other. The long-term accomplishment of any organization is directly tied to how efficient the management is capable of foreseeing its future and developing proper strategies to deal with possible future situations. Good judgment, intuition, and an awareness of how the economy...
1 Pages(250 words)Essay
... Forecasting in Marketing Forecasting is an integral part of the entire marketing process, businesses use market research to obtain data about the demand potential for a certain good or service, once the potential demand is identified, marketers generate sales forecasts and targets that are to be achieved by the sales team of an organization. There are several methods through which forecasting are conducted, one such method is executive opinion (Kurtz 264). In this method, the manager of the marketing department of an organization uses his/her own opinion and perception regarding the future demand for a product or service and this opinion is mostly based on the manager’s own experience in the field. This opinion is even backed... by...
1 Pages(250 words)Essay
FORECASTING inspected using this simulation model. The application of the relevant package for the simulation of a two-level inventory control system will prove to be instrumental in Business forecasting for Warnsley Ltd. Adoption of this model will result to a consistent product stock (Adams, 1986; Pg.7). Lost of References Top of Form Bottom of Form Top of Form Bottom of Form Top of Form Bottom of Form Top of Form Bottom of Form Top of Form ADAMS, F. G. (1986). The business forecasting revolution: nation, industry, firm. New York u.a, Oxford Univ. Pr. ANARI, A., & KOLARI, J. W. (2012). Excel-based business analysis forecasting key business...
5 Pages(1250 words)Assignment
...Pick Ad The “Got Milk?” TV Commercial The “Got Milk?” is a commercial by the Milk Processor Education Program (MilkPEP). The product that is advertised in this commercial is fluid milk. In coming up with this commercial, the Milk Processor Education Program (MilkPEP) aimed at increasing the consumption of fluid milk. The commercial mainly highlights the nutritional benefits of milk so that more people can get to consume fluid milk for its nutritional benefits. The Milk Processor Education Program might have considered it necessary to effect this commercial because of the...
3 Pages(750 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Statistics Project on topic Statistical Models for Forecasting milk production for FREE!
Contact Us