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BENEFITS OF DOCUMENT

  1. Provides a Strategic Role of Forecasting in Supply Chain Management
  2. Provides a Components of Forecasting Demand
  3. Provides a Process of Regression Methods

DOCUMENT DESCRIPTION

FORECASTING METHODS

Forecasting is the process of making predictions based on past and present data and most commonly by analysis of trends. A commonplace example might be estimation of some variable of interest at some specified future date. Prediction is a similar, but more general term. Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods. Usage can differ between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period.

Risk and uncertainty are central to forecasting and prediction; it is generally considered good practice to indicate the degree of uncertainty attaching to forecasts. In any case, the data must be up to date in order for the forecast to be as accurate as possible. In some cases the data used to predict the variable of interest is itself forecast.

Forecasting software packages have become available in recent years; the subject has deserved scholarly reviews.

Lecture Outline
1. Strategic Role of Forecasting in Supply Chain Management
2. Components of Forecasting Demand
3. Time Series Methods
4. Forecast Accuracy
5. Time Series Forecasting Using Excel
6. Regression Methods

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Forecasting Methods

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File Type: PowerPoint (ppt)

File Size: 3.3 MB

Number of Slides: 58 (includes cover, transition slides)

Related Topic(s): Budgeting & Forecasting

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Initial upload date (first version): Dec 26, 2021
Most recent version published: Dec 28, 2021

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