Upload File

forecasting in business

28
Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com Forecasting in Business

Upload: mohammad-tawfik

Post on 08-May-2015

315 views

Category:

Education


0 download

Report

DESCRIPTION

What is forecasting? Why do we do forecasting? How to perform forecasting? What to expect from forecasting?

TRANSCRIPT

Page 1: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Forecasting in Business

Page 2: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

What is forecasting?

● Forecasting is the process of making

statements about events whose actual

outcomes (typically) have not yet been

observed.

● Wikipedia

Page 3: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Why Forecasting?

Page 4: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Predicting the future!

Page 5: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Inventory requirements

Page 6: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Financial requirements

Page 7: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Shipping requirements

Page 8: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Market expectations

Page 9: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Human resources requirements

Page 10: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

A good forecast must be ...

Page 11: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Meaningful

Page 12: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Reliable

Page 13: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Accurate

Page 14: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Timely

Page 15: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

How?

Page 16: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Data, Data, Data!

Page 17: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Naive forecasting

Page 18: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Judgmental forecasting

Page 19: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Crowd wisdom

Page 20: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Weighted averages

Page 21: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Time regression

Page 22: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Steps of forecasting

Page 23: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Determine purpose

Page 24: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Establish time horizon

Page 25: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Select technique

Page 26: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Obtain data

Page 27: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Forecast!

Page 28: Forecasting in Business

Forecasting – Business for Engineers Mohammad Tawfik

#WikiCourses http://WikiCourses.WikiSpaces.com

Follow up


Forecasting flight traffic at Eurocontrol in unprecedented times business analytics

11. Business Forecasting - Amity Online

FORECASTING (overview). The history of forecasting The development of business forecasting in the 17 th century was a major innovation [Bernstein P. (1996)]

BUSINESS FORECASTING, PROFITABILITY & CASH FLOW …

Business Forecasting Chapter 4 Data Collection and Analysis in Forecasting

OCR LEVEL 2 CAMBRIDGE TECHNICALS BUSINESS · OCR LEVEL 2 CAMBRIDGE TECHNICALS IN BUSINESS UNIT 3 ˜ FINANCIAL FORECASTING FOR BUSINESS DELIVER GUIDE UNIT 3 - FINANCIAL FORECASTING

BUSINESS Practical Business Forecasting

Financial Forecasting - Imarticus Learning · Financial Forecasting. Agenda In this session, you will learn about: • Objectives of Forecasting • Understanding Business Model

Business & Economic Forecasting

Economic forecasting in a business environment: an OLS

Business Forecasting Chapter 5 Forecasting with Smoothing Techniques

USINESS FORECASTING 2014 - US DataVaultusdatavault.com/library/Business Forecasting 2014.pdfDemand Planning & Forecasting, Integrated Business Planning, Business Analytics and more

System Dynamics in Business Forecasting

ADVANCED BUSINESS FORECASTING - NKD Group · ADVANCED BUSINESS FORECASTING . Definition Forecasting involves making the best possible judgment about some future event. In other words,

Business Forecasting: Techniques, Best Practices ... Forecasting Seminar May 2014.pdf · New Product Forecasting ... Business Forecasting: Techniques, Best Practices & Application

Me 4 Business Forecasting

Advances in Business and Management Forecasting · advances in business and management forecasting volume 12 advances in business and management forecasting edited by kenneth d. lawrence

Lecture 4 Time-Series Forecasting Business and Economic Forecasting

Business Forecasting Roundtable

Business Forecasting With Microsoft Excell

Business Forecasting Chapter 8 Forecasting with Multiple Regression

Business Forecasting Chapter 10 The Box–Jenkins Method of Forecasting

SAP Business One Forecasting

Business Forecasting Chapter 7 Forecasting with Simple Regression

Business Planning & Forecasting in Post-Brexit Britain

(Advances in Business and Management Forecasting) Kenneth D. Lawrence, Ronald Klimberg-Advances in Business and Management Forecasting (Advances in Business & Management Forecasting,

Slide 1 Business and Economic Forecasting Chapter 5 Demand Forecasting is a critical managerial activity which comes in two forms: l Qualitative Forecasting

1.Business Forecasting Introduction

Weather Forecasting & Business Management Systems

Business Planning & Financial Forecasting

Business Forecasting

FUNDAMENTAL ISSUES IN BUSINESS FORECASTING. - ITAM

BUSINESS FORECASTING Barometer Approach: Economic

Forecasting OBJECTIVES 1. Show value of forecasting in business planning. 2. Produce some basic forecasting procedures. 3. Show the limits of a forecast

Lecture 5 Time-Series Forecasting (cont’d) Business and Economic Forecasting