Forecasting using Fuzzy Time Series for Diffusion of Innovation: Case of Tata Nano Car in India

Diffusion of small and medium sized cars into Indian Market is quickly expanding. Among these, Tata Nano, which being in hype for the last couple of years, is the most famous. In this paper, performance analysis of different Fuzzy Time Series (FTS) models on the sales data of Tata Nano for the 31 co...

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Bibliographic Details
Published in:National Academy science letters 2013-06, Vol.36 (3), p.299-309
Main Authors: Pandey, Prateek, Kumar, Shishir, Shrivastav, Sandeep
Format: Article
Language:English
Subjects:
History of Science
Humanities and Social Sciences
multidisciplinary
Research Article
Science
Science (multidisciplinary)
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Summary:Diffusion of small and medium sized cars into Indian Market is quickly expanding. Among these, Tata Nano, which being in hype for the last couple of years, is the most famous. In this paper, performance analysis of different Fuzzy Time Series (FTS) models on the sales data of Tata Nano for the 31 consecutive months has been carried out. Also, the FTS models as a technique for forecasting the diffusion of an innovation is discussed and superiority of the FTS method in predicting the diffusion pattern in case of sales of Tata Nano car is demonstrated. The analysis is applicable to any available time series data of product.
ISSN:0250-541X
2250-1754
DOI:10.1007/s40009-013-0140-4