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Forecasting methods - Essay Example

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Different companies use different forecasting techniques to make such statements. Prediction is another term, which can mean the same as forecasting. Some companies and industries uses…
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Forecasting methods
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Download file to see previous pages In a stable data, the forecast for any period is equivalent to actual value of previous periods. Companies compile data to determine their current values and future position in business. Companies like Puma and Nike uses this technique to determine market progress and future sales volume. Communication and transport industries also use this technique to assess their progress (Turchin, 2010).
Estimating the average forecast is another techniques used by many organization. The value is calculated by determining forecast error. In determining forecast error, the actual value is subtracted from the predicted value of a time series. Forecast error can be either a calendar forecast or cross sectional forecast error. In calculation of forecast error, an organization can use calculating methods such as root mean squared error, mean percentage error, forecast bias and tracking signal (Kimberly, 2008). Some organization like Emirates Airline, Virgin Atlantic uses this technique. Use of forecast techniques has led to growth of many companies and industries. Each business organization should consider using forecast methods to determine ...Download file to see next pagesRead More
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