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Springback is a major phenomenon in sheet metal forming process that has to be tackled to achieve the desired product with greater dimensional accuracy. Springback occurs due to elastic recovery of sheet metal after the stamping process. The automobile industry is gradually moving from use of conventional steels to advanced high strength steels (AHSS) for their light weight and greater strength properties; however AHSS possesses greater springback effect due to higher elastic limit which proves to be difficult to deal with the springback effect. Hence it is imperative that the counter measures are taken to minimize the springback effect. The purpose of the study is to showcase various factors that influence the prediction of springback phenomenon. In this study the simulation results are compared with scanned data of actual stamped panels and their deviation is studied.