business management - analysis

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http://AcademyOfKnowledge.orgAnalysis - Business EngineersMohammad Tawfik

Forecasting in Business

Mohammad Tawfik

http://WikiCourses.WikiSpaces.com/

http://AcademyOfKnowledge.org/



What is forecasting?

● Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed.

Wikipedia





Why Forecasting?





Predicting the future!





Inventory requirements





Financial requirements





Shipping requirements





Market expectations





Human resources requirements





A good forecast must be ...





Meaningful





Reliable





Accurate





Timely





How?





Data, Data, Data!





Naive forecasting





Judgmental forecasting





Crowd wisdom





Weighted averages





Time regression





Steps of forecasting





Determine purpose





Establish time horizon





Select technique





Obtain data





Forecast!





Follow up





Bibliography

● BUSINESS-PLAN FORECASTING, by Steven D. Peterson, Peter E. Jaret, Barbara Findlay Schenck

● Excel Sales Forecasting For Dummies, by Conrad Carlberg

● Sales Forecasting: A Practical Guide, by Mark Blessington● Sales and Operations Planning The How-To Handbook,

by Thomas F. Wallace and Robert A Stahl● Introduction to Financial Forecasting in Investment Analys,

by John Guerard

