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Forecasting – Business for Engineers Mohammad Tawfik
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Forecasting in Business
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Forecasting – Business for Engineers Mohammad Tawfik
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What is forecasting?
● Forecasting is the process of making
statements about events whose actual
outcomes (typically) have not yet been
observed.
● Wikipedia
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Forecasting – Business for Engineers Mohammad Tawfik
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Why Forecasting?
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Forecasting – Business for Engineers Mohammad Tawfik
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Predicting the future!
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Forecasting – Business for Engineers Mohammad Tawfik
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Inventory requirements
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Forecasting – Business for Engineers Mohammad Tawfik
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Financial requirements
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Forecasting – Business for Engineers Mohammad Tawfik
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Shipping requirements
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Forecasting – Business for Engineers Mohammad Tawfik
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Market expectations
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Forecasting – Business for Engineers Mohammad Tawfik
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Human resources requirements
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Forecasting – Business for Engineers Mohammad Tawfik
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A good forecast must be ...
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Forecasting – Business for Engineers Mohammad Tawfik
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Meaningful
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Forecasting – Business for Engineers Mohammad Tawfik
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Reliable
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Forecasting – Business for Engineers Mohammad Tawfik
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Accurate
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Forecasting – Business for Engineers Mohammad Tawfik
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Timely
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Forecasting – Business for Engineers Mohammad Tawfik
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How?
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Forecasting – Business for Engineers Mohammad Tawfik
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Data, Data, Data!
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Forecasting – Business for Engineers Mohammad Tawfik
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Naive forecasting
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Forecasting – Business for Engineers Mohammad Tawfik
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Judgmental forecasting
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Forecasting – Business for Engineers Mohammad Tawfik
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Crowd wisdom
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Forecasting – Business for Engineers Mohammad Tawfik
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Weighted averages
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Forecasting – Business for Engineers Mohammad Tawfik
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Time regression
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Forecasting – Business for Engineers Mohammad Tawfik
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Steps of forecasting
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Forecasting – Business for Engineers Mohammad Tawfik
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Determine purpose
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Forecasting – Business for Engineers Mohammad Tawfik
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Establish time horizon
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Forecasting – Business for Engineers Mohammad Tawfik
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Select technique
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Forecasting – Business for Engineers Mohammad Tawfik
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Obtain data
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Forecasting – Business for Engineers Mohammad Tawfik
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Forecast!
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Forecasting – Business for Engineers Mohammad Tawfik
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