DESIGN AND IMPLEMENTATION OF A SALES FORCASTING SYSTEM USING LINEAR REGRESSION MODEL

ABSTRACT
The research work “Sales -Forecasting System” is a sales system using ‘point of sales (POS) technology to achieve its sales, accounting and linear regression model for sales forecast included in the system is the supplier registration and management, product registration and management, user management, customer management sales report, receipt printing and sales forecasting. This work was done as a result to solve the problems usually encountered in most companies. The Employee Management System was achieved using two programming environment: PHP and MYSQL, with php as front-end and mysql as the backend database. The system can be entered using a username and password. It is accessible either by an administrator or staffs. The interface is very user-friendly. Protected for personal use and the data processing are very fast.

Background of the study
Chapter one introduces the research work and the problem definition of the research, and to know the aim of this research work, research justification tells us why it is important to research on this topic; it also covers areas like scope and limitation of study which entails the boundary of this work. Definition of terms gives summarize what each chapter entails.

1.2 Problem definition
This research work was undertaken to uncover some of the problems with conventional sales forecasting management systems wherean accountant has to calculate using a specific sales model formula in forecasting on a regular basis. Using these conventional method pose lots of constraint on sales forecasting as it takes lots of time forecasting using which ever model is adopted by the sales manager or accountant or financial adviser.

Sales forecasting is the process of estimating future sales. Accurate sales forecasting enable companies to make informed business decisions and predict short term and long term performance. Companies can base their forecasts on past sales data, industry-wide comparisons and economic trends.
It is easier for established companies to predict future sales based on years of past business data, newly founded companies have to base their forecast on less verified information such as market research and competitive intelligence to forecast their future business.

Sales forecasting gives insight into how a company should manage its work-force, cash-flow and resources in addition to helping a company allocate its internal resources effectively, predictive sales data is important for business when looking to acquire investment capital.
Sales forecasting allows companies to:
– Predict achievable sales revenue
– Efficiently allocate resources
– Plan for future growth
Accurately forecasting sales and building a sales plan can help to avoid unforeseen cash flow problems and manage production, staff and financing needs more effectively. Armed with this information, you can rapidly identify problems and opportunities and do something quickly about them.

1.3 Objective of study
In view of the problems mentioned above, this project is aimed at implementing a sales forecasting system using linear regression model and with an added POS system
• Manage and forecast sales
• Automate customer, product, supplier management on the system
• Manage system access and roles on the system
• Manage every users of the system