Forecasting in Business

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

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Forecasting in Business

  1. 1. Forecasting in Business Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  2. 2. What is forecasting? ● ● Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. Wikipedia Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  3. 3. Why Forecasting? Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  4. 4. Predicting the future! Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  5. 5. Inventory requirements Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  6. 6. Financial requirements Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  7. 7. Shipping requirements Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  8. 8. Market expectations Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  9. 9. Human resources requirements Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  10. 10. A good forecast must be ... Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  11. 11. Meaningful Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  12. 12. Reliable Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  13. 13. Accurate Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  14. 14. Timely Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  15. 15. How? Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  16. 16. Data, Data, Data! Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  17. 17. Naive forecasting Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  18. 18. Judgmental forecasting Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  19. 19. Crowd wisdom Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  20. 20. Weighted averages Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  21. 21. Time regression Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  22. 22. Steps of forecasting Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  23. 23. Determine purpose Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  24. 24. Establish time horizon Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  25. 25. Select technique Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  26. 26. Obtain data Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  27. 27. Forecast! Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com
  28. 28. Follow up Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com

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