Category: Forecasting

Executive Summary The analysis of sales data of five products (1-5) offers important information regarding their structure, appropriate models of the forecast, and prediction of demand. The attributes of product 1 indicated that it has a cyclical structure without seasonality and trend. Based on these attributes, SMA and SES were suitable models of forecasting. Product…

Forecasting is a term used in economics to mean the estimation of the future state or position of a variable or a set of variables. Forecasting normally comes in handy in times of planning and making decisions for the organization about the variables in question. For instance, it could be used in determining the future…

Executive Summary The analysis of sales data of five products (1-5) offers important information regarding their structure, appropriate models of the forecast, and prediction of demand. The attributes of product 1 indicated that it has a cyclical structure without seasonality and trend. Based on these attributes, SMA and SES were suitable models of forecasting. Product…

In forecasting, error measures play important roles because of their potential in helping to identify the forecasting method that would be the most appropriate in a given context. Each error measure can have certain limitations and thus lead to the inaccurate evaluation of forecasting results, which contributes to the increased complexity of choosing appropriate error…

Table of Contents Introduction Exponential Smoothing Forecasting Calculation Alternative Calculation Method Operations Planning Planning Systems Reflection References Introduction When it comes to any business operations, a long-term strategy and predictions play a significant role in the businesss success. Forecasting, for its past, has become an integral part of the business strategy and tactics. The procedure…

Table of Contents Summary Knowledge/Application Area 1: Transportation Management Knowledge/Application Area 2: Financial Management Methodology 1: Other Descriptive Models (Forecasting) Methodology 2: Optimization Modeling and Solution Techniques Planning Level 1: Strategic Planning Level 2: Operational References Summary Logistics is an important part of the everyday activity of the armed forces. The process of transportation that…

Table of Contents Introduction Risk in sales forecasting Ethical Factors in Sales Forecasting Conclusion References Introduction Budgeting, therefore, takes into consideration various factors to come up with an appropriate forecast. For Guillermo furniture to produce correct sales estimates within its forecast budget, it s needs t to consider the factors affecting its production including the…

Introduction Forecasting future sales with certainty is impossible since the market conditions are unpredictable. The economy is always constantly changing. Despite the uncertainties, management of companies still need to prepare sales forecasts to enable them to prepare a budget for revenue and expenses. The preparation of such budgets is always based on past trends and…

If a breakfast cereal company wants to introduce a new product in the market, it is reasonable to invest in forecasting demand. Here, the company should choose between quantitative and qualitative techniques. I would recommend using a simple moving average and market research approaches because they are suitable to present short-term demand. In addition to…

Apart from identifying the interest rate charged for a loan, one will have to consider a variety of factors in order to predict sales rates efficiently. The forecast of sales rates is quite hard to carry out due to a variety of factors affecting it. These factors can be split into two large groups, the…