2024, Vol. 9, Issue 2, Part A
A statistical approach to forecasting potato price in Kolar market of Karnataka
Author(s): Pavithra V, Vinay HT and Cheela Soumya
Abstract: The price of potato fluctuates primarily due to variations in production and market arrival, making price forecasting essential for helping producers in decisions regarding acreage allocation and timing of sale. The present study aimed to forecast the price of potato in Kolar market of Karnataka state using the statistical techniques like Single Exponential Smoothing, Double Exponential Smoothing, Triple Exponential Smoothing and Autoregressive integrated moving average (ARIMA). The study was based on the secondary data of potato price from January 2010 to December 2023. The results demonstrate that the Holt-Winters Exponential Smoothing method or Triple Exponential Smoothing model achieves a high level of accuracy in price forecasting, with a Mean Absolute Percentage Error (MAPE) of 0.12% and a Root Mean Square Error (RMSE) of 207.18 Hence, it was employed to forecast potato price from January 2024 to December 2024.
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How to cite this article:
Pavithra V, Vinay HT, Cheela Soumya. A statistical approach to forecasting potato price in Kolar market of Karnataka. Int J Stat Appl Math 2024;9(2):32-36.
