Markov Chains and Their Impact on the Analysis and Forecasting of Sales for a Bottled Water Company

Roberto Q.-V.L.; Karla A.-F.; Katerin A.-C.; Laura C.-P.; Franclin D.-C.; Sharom V.-V. · Proceedings of the LACCEI international Multi-conference for Engineering, Education and Technology (2024) · DOI: 10.18687/leird2024.1.1.377

Resumen

The present investigation was carried out in order to present the application of Markov Chains for sales forecasts in a company specialized in the industrial production of bottled water. To do this, Markov Chains were used to analyze and forecast the sales of its three different products for the next three months. The data reflects sales representatives in the transition matrix states and first-order time series modeling, presenting the one-step transition probability matrix. The experimental results highlight the viability of this method in comparison with classical forecasting approaches, establishing it as a practical and easily applicable option for the company in question.

Instituciones: Universidad Privada del Norte