Forecasting demand involves predicting future needs based on past patterns. Long-term forecasts inform strategic decisions about products, processes, and facilities. Short-term forecasts guide production decisions over the next few weeks. Common forecasting methods include opinion surveys, statistical analyses of time series data, and linking demand for one product to indicators of demand for related products. Accuracy, simplicity, cost, and ability to reflect changing conditions are criteria for evaluating forecasting techniques.
This is a presentation covering the concepts of demand forecasting. it includes the meaning of demand forecasting, purpose, scope and factors affecting demand forecasting. It also covers the methods of forecasting for both new and existing products.
Meaning of demand forecasting , determinants and categorization of forecasting, choosing the technique of forecasting,objectives and methods of forecasting,tools used for forecasting and limitations to forecasting are discussed.
This is a presentation covering the concepts of demand forecasting. it includes the meaning of demand forecasting, purpose, scope and factors affecting demand forecasting. It also covers the methods of forecasting for both new and existing products.
Meaning of demand forecasting , determinants and categorization of forecasting, choosing the technique of forecasting,objectives and methods of forecasting,tools used for forecasting and limitations to forecasting are discussed.
A presentation on demand forecasting ,explaining its meaning ,levels of demand forecasting , Techniques ,Factors , Benefits , and a small case study on Cadbury India ltd on Demand Forecasting
Fundamental concepts, principle of economicsShompa Nandi
Fundamental Concept or Principle of Economics, Opportunity cost principle, Equi-marginal principle, incremental principle, discounting principle, Risk and uncertainty, Time Perspective
A presentation on demand forecasting ,explaining its meaning ,levels of demand forecasting , Techniques ,Factors , Benefits , and a small case study on Cadbury India ltd on Demand Forecasting
Fundamental concepts, principle of economicsShompa Nandi
Fundamental Concept or Principle of Economics, Opportunity cost principle, Equi-marginal principle, incremental principle, discounting principle, Risk and uncertainty, Time Perspective
Sales Forecasting
Sales forecasting is the process of a company predicting what its future sales will be. This forecast is done for a particular period of time in the near future, usually the next fiscal year. Accurate sales forecasting enables a company to make informed business decisions. Sales forecasting is easier for established companies that have been operating for a few years than for newer companies. Established companies have years of sales records and can base their forecasts on that past sales data. Newly founded companies have to base their forecasts on less verified information, such as market research and competition analysis to forecast their future business.
Why is Sales Forecasting important?
Sales Forecasting gives insight on whether a company should expand, information about cash flow, and the ability to effectively manage its resources. Without forecasting, a company would be unsure of what inventory level to maintain, unsure on how it should allocate resources across the company, and it would have a hard time predicting future success. Forecasting sales is a crucial business practice, because in addition to helping a company allocate its internal resources effectively, having this data is important for acquiring investment capital. Often, investors want to know what a company’s future expected sales are before making an investment.
ForecastingDiscuss the different types of forecasts to include tim.pdfamolmahale23
Forecasting
Discuss the different types of forecasts to include time-series, causal, and qualitative models.
When might a researcher or project manager utilize exponential smoothing?
What benefit does a Delphi technique provide when working with qualitative-based decision
making?
Solution
Forecasting is basically the process of estimating or predicting the future trend, based on the
trend and information of the past and the present.Forecasting is a calculated assumption of how
the trend is going to be in a future date based on what we saw in the past and what we are
observing in the present scenario.
Time series methods:
These methods use historical data to assume future trends.
There are various time series methods such as,
1)Simple Moving Average Method: it is commonly used in technical analysis of financial data
such as stock prices,trading volumes or returns.Among the most popular technical indicators,
moving averages are used to gauge the direction of the current trend.It is calculated by averaging
a number of past data points. Once determined, the resulting average is then plotted onto a chart
in order to allow traders to look at smoothed data rather than focusing on the day-to-day price
fluctuations that are inherent in all financial markets.
As new values become available, the oldest data points must be dropped from the set and new
data points must come in to replace them. Thus, the data set is constantly \"moving\" to account
for new data as it becomes available. This method of calculation ensures that only the current
information is being accounted for.
for example, to calculate a basic 10-day moving average you would add up the closing prices
from the past 10 days and then divide the result by 10. The average thus obtained is plotted on a
chart. As the time progresses, we replace the first variable with the latest variable available ie.
latest closing price of 11th day, therefore getting a new avaerage. We plot this one too in the
chart. The chart thus formed gives a trend which is used for forecasting future movements.
2)Exponentially smoothed moving average:
Over the years, technicians have found two problems with the simple moving average. The first
problem lies in the time frame of the moving average (MA). Most technical analysts believe that
price action, the opening or closing stock price, is not enough on which to depend for properly
predicting buy or sell signals of the MA\'s crossover action. To solve this problem, analysts now
assign more weight to the most recent price data by using the exponentially smoothed moving
average (EMA).It is a type of infinite impulse response filter that applies weighting factors
which decrease exponentially. The weighting for each older datum decreases exponentially,
never reaching zero.
The exponentially smoothed moving average addresses both of the problems associated with the
simple moving average. First, the exponentially smoothed average assigns a greater weight to the
more recent data..
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Acetabularia Information For Class 9 .docxvaibhavrinwa19
Acetabularia acetabulum is a single-celled green alga that in its vegetative state is morphologically differentiated into a basal rhizoid and an axially elongated stalk, which bears whorls of branching hairs. The single diploid nucleus resides in the rhizoid.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
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Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
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Introduction to AI for Nonprofits with Tapp Network
Demand forcasting
1. Forecasting of demand is the art of predicting demand
for a product or a service at some future date on the
basis of certain present and past behavior patterns of
some related events.
Forecasting is used in process design, capacity and
facilities planning, aggregate planning scheduling
inventory management etc
2. Types of forecasts
There are long-term forecasts as well as short-term
forecasts.
Operations managers need long-range forecasts to
make strategic decisions about products, processes
and facilities. Long tem forecasts are used to make
location, layout,and capacity decisions.
They also need short-term forecasts to assist them
in making decisions about production issues that
span only the next few weeks.
3. Since forecasting forms an integral part of
planning and decision-making , production
managers must be clear about the horizon of
forecasts-month or year, for example, additionally
they must also be clear about the method of
forecasting and unit of forecasting
4. Importance of Demand forecasting
Determination of sales territory.
To decide to enter a new market or not.
To determine how much production capacity to be
builds up.
Helpful in deciding the number of salesman
required to achieve the sales objective.
To prepare standard against to which measure
performance.
5. To assess the effect of a proposed marketing
programme.
Helpful in the product mix decisions.
To decide the promotional mix.
To assess the effect of a proposed marketing
programme.
In deciding the channels of distribution and
physical distribution decision.
6. Criteria of good forecasting
Method
Simplicity and ease of comprehension.
Economy
Availability
Durability
Accuracy
7. Methods of demand forecasting
I. Opinion polling.
II. Statistical method.
Opinion polling method:
1. Consumer survey method.
2. Sales force opinion method.
3. Delphi method.
8. Consumer survey method:
Complete enumeration.
Sample survey test.
End use method.
9. Statistical method
Time series analysis.
Barometric method.
Regression analysis.
Simultaneous equation method.
10. Time series analysis:
Chronologically arranged continuous past data.
Trend analysis method.
Least square method.
Moving average method
Exponential smoothing.:α Dt-1+(1- α)Ft-1
α = Exponential smoothing constant (0 to1).
Ft= forecasting period.
11. Dt-1= Actual demand for periodt-1.
Eg: F July= α DJune + (1- α)F June
Strategies for developing aggregate plans:
The aggregate plan is developed after careful
consideration of the different Variables which
influence the production plan.
Similarly the aggregate plan also influenced by no. of
factors.
12. Trend projection method:
These are generally based on analysis of past sales
pattern.
Least squares method: certain statistical formulae
are here to find the trend line which best fits the
available data.
The trend line is the basis to extrapolarate the line for
future demand for the given product or service on
graph.
13. MOVING AVERAGE METHOD:
This method is based on the assumption that the
future is the average of past achievements.
Hence based on past achievement, future is
predicted.
When the demand is stable this method can
provide good forecasts.
The main issue in moving averages is determining
the ideal number of periods to include the average.
14. Customer needs demand forecasts competition.
Financial conditions of the firm.
Labour training capacity.
New products product design changes Machines.
Suppliers capability storage capacity material
availabity.
Machine capacity, workforce capabilities.
15. Barometric techniques:
Under the barometric technique one set of data is used
to predict another set.
In other words, to forecast demand for a particular
product or service, use some other relevant indicator
of future demand.
Ex: the demand for cable TV may be linked to the
number of new houses occupied in a given area.
16. Simultaneous equation method
In this method, all variables are simultaneously
considered with the conviction that every variable
influences the other variables in an economic
environment.
It is a system of ‘n’ unknowns. It can be solved, the
moment the model is specified because it covers all
the unknown variable. It is also called complete
systems approach to demand forecasting.
17. Correlation and regression
methods:
Correlation and regression methods are statistical
techniques.
Correlation describes the degree of association
between two variables such as sales and advertisement
expenditure. When two variables are tend to change
together, then they are said be correlated.
The extent to which they are correlated is measured by
correlation coeffient.
Of these two variables, one is a dependent variable and
the other is independent variable.
18. regression analysis
An equation is estimated which best fits in the sets of
observations of dependent variables and independent
variables .
The best estimate which best fits in the sets of
observation of dependent variables and independent
variables.
the best estimate of the underlying relationship
between these variables is thus generated.
The dependent variables is then forecast based on this
estimated equation for a given value of the
independent variable.
