Category: Forecasting

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…

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…

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…

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…

Table of Contents Introduction Summary References Introduction Forecasting refers to the method of being able to predict what is going to happen in the future, and in business, the future is narrowly defined by the existing economic conditions. When organizations want to develop a forecast associated with their immediate performance, they collect data on previous…

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…

This paper seeks to examine historical sales revenue data to establish a forecast for 2005 and 2006. The historical data exhibit quarterly seasonality, which will be verified by plotting a scatter diagram of sales revenue against time. This scatter diagram, otherwise called a time series plot, further demonstrates the trend. The trend will be estimated…

This paper seeks to examine historical sales revenue data to establish a forecast for 2005 and 2006. The historical data exhibit quarterly seasonality, which will be verified by plotting a scatter diagram of sales revenue against time. This scatter diagram, otherwise called a time series plot, further demonstrates the trend. The trend will be estimated…

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 In the recent past the euro has witnessed a relentless decline in value to the lowest point in four years. The decline is associated bailout that was undertaken by governments in the euro zone during the financial crisis. The countries borrowed heavily from their banks to safeguard them from the imminent crumple. The recent…