Forecasting – Business for Engineers Mohammad Tawfik #WikiCourses http://WikiCourses.WikiSpaces.com Forecasting in Business
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Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
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
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Why Forecasting?
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Predicting the future!
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Inventory requirements
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Financial requirements
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Shipping requirements
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Market expectations
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Human resources requirements
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
A good forecast must be ...
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Meaningful
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Reliable
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Accurate
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Timely
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
How?
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Data, Data, Data!
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Naive forecasting
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Judgmental forecasting
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Crowd wisdom
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Weighted averages
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Time regression
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Steps of forecasting
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Determine purpose
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Establish time horizon
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Select technique
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Obtain data
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
Forecast!
Forecasting – Business for Engineers Mohammad Tawfik
#WikiCourses http://WikiCourses.WikiSpaces.com
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