# Economic Development, Technological Change, and Growth

## Abstract

This study examines the application of structured forecasting methods to determine accurate

demand forecasts using 12 monthly sales figures of a moderate busy pharmacy. The date were analysed

using some forecasting techniques; Moving Average Method, Exponential Smoothing Method and

Least Square Method. Also, the performances of the forecasting methods were evaluated using some

accuracy measures such as Mean Absolute Deviation (MAD), Mean Square Error (MSE) and Mean

Absolute Percentage Error (MAPE) to. The findings reveal that exponential smoothing method which

results to least forecast error is the best method. Hence, the pharmacy is advised to adopt this best

forecasting method to determine its monthly demand forecasts. Pharmacy operators should maintain

sound sales and inventory records; it is easier if the system can be computerized but it could be

expensive to operate for small pharmacy outlet.

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