Nobody downloaded yet

Forecasting methods - Essay Example

Comments (0) Cite this document
Summary
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…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER92.8% of users find it useful
Forecasting methods
Read TextPreview

Extract of sample "Forecasting methods"

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
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Forecasting methods Essay Example | Topics and Well Written Essays - 250 words”, n.d.)
Forecasting methods Essay Example | Topics and Well Written Essays - 250 words. Retrieved from https://studentshare.org/management/1616911-forecasting-methods
(Forecasting Methods Essay Example | Topics and Well Written Essays - 250 Words)
Forecasting Methods Essay Example | Topics and Well Written Essays - 250 Words. https://studentshare.org/management/1616911-forecasting-methods.
“Forecasting Methods Essay Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.org/management/1616911-forecasting-methods.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Forecasting methods

Economic Forecasting

.... There are usuallycumulative trend and seasonal peak between the index andindex 15. Several methods of analysis are possible, for example: 1. Exponentially smoothing and Forecasting Convenient that allows frequent information 2. Season /Trend decomposition is Simple and easy to communicate 3. Time series estimate and modelingis the most advanced and is not easily communicated 4. Regression with seasonal models, flexible and Intermediate Simple season or trend decomposition does not pick up possible monthly auto-correlation as the other methods do. Regression with seasonal and trend modelshasadded opportunity of groupingtogether months of comparable sales level to give a model with few...
4 Pages(1000 words)Research Paper

Future & Forecasting

...Future & Forecasting Competitive economies require a stable and sound macroeconomic foundation that is conducive to productive and innovative economic activity. For example, excessive government spending historically has led to government budget deficits, which often result in inflation, crowding out private investment and thus limiting capital formation and increases in productive capacity. Moreover, inflation can contribute to currency overvaluation, which also impairs the country's competitiveness. The web model seeks to gauge these competitive factors by including variables that indicate government budget discipline, monetary management, foreign exchange competitiveness, and the confidence of the private sector in a country's... and...
5 Pages(1250 words)Essay

Forecasting

...Forecasting in Daimler Chrysler A company of the size and sophistication of Daimler Chrysler has to use a judicious mix of judgmental and statistical forecasting methods for various aspects of its business (Armstrong, 2005). Mature business operations, which have stable and known relationships, with valid historical data for independent variables, lend themselves to quantitative forecasting methods. New areas of business need stochastic forecasting, and there are large elements of technical and specialized judgment that Daimler Chrysler must deploy for such matters. Daimler Chrysler has a healthy mix of product lines, including brands that are icons and very creative ideas which are on the brink on becoming commercial successes... ....
4 Pages(1000 words)Essay

Business forecasting

...Assessment 2 Business Forecasting Executive Summary Forecasting is a method which supports several sciences and s to predict the future on thebasis of knowledge of past. These techniques are utilized in the several fields of management from marketing and sales to the inventory control to avoid unwanted hassles and manage the overall activity in a predefine manner. This enables control and management of resources better than doing in any other way. The analysis is done to analyze and identify the appropriate model of forecasting for the softwood unfilled orders forecasting. The number of unfilled orders represents the accumulated inventory. If the data is...
10 Pages(2500 words)Essay

Technology Forecasting

...March 14, 2009 Technology Forecasting Introduction Technology has always been the main driver of business, and business concerns thathave been able to foresee technology changes before the competition have always had the advantages both in terms of early market entry and in being the pioneer in the particular field, service or product. Technology advantage along with proper strategic approaches for sustainability translates into huge commercial benefits and, more often than not, the unassailable position of being the market leader. Being able to forecast impending technology changes in the horizon and even beyond, has therefore always been a priority in business management. Technological...
4 Pages(1000 words)Essay

Forecasting

...for fiscal year 20X5 is $1,391,667. 2. Explain how financial trends impact forecastingForecasting is used to predict data for the future years and the predictions are based on the historical data. The financial trend of previous years is important for forecasting. Forecasting methods use the previous trends to estimate the future figures. If there is an increasing trend in the preceding years , the forecast for the next year will also show that trend. If there is an absence of trend, the forecast will not be very accurate (Martin, 2001). Four methods are used in forecasting and each...
4 Pages(1000 words)Statistics Project

Forecasting

...Forecasting Forecasting can be widely regarded as a technique or method of projecting various future elements of a business or other operations. Various techniques can be applied to achieve the objectives of forecasting. While the word forecasting might appear to be somewhat technical, planning for the company’s future is a crucial element of management in any organization; non-profit, business, or other. The long-term accomplishment of any organization is directly tied to how efficient the management is capable of foreseeing its future and developing proper strategies to deal with possible future situations. Good judgment, intuition, and an awareness of...
1 Pages(250 words)Essay

FORECASTING

... Forecasting in Marketing Forecasting is an integral part of the entire marketing process, businesses use market research to obtain data about the demand potential for a certain good or service, once the potential demand is identified, marketers generate sales forecasts and targets that are to be achieved by the sales team of an organization. There are several methods through which forecasting are conducted, one such method is executive opinion (Kurtz 264). In this method, the manager of the marketing department of an organization uses his/her own opinion and perception regarding the future demand for a product or service and this opinion is mostly based on the manager’s own experience in the field. This opinion is even backed... by...
1 Pages(250 words)Essay

FORECASTING

...be inspected using this simulation model. The application of the relevant package for the simulation of a two-level inventory control system will prove to be instrumental in Business forecasting for Warnsley Ltd. Adoption of this model will result to a consistent product stock (Adams, 1986; Pg.7). Lost of References Top of Form Bottom of Form Top of Form Bottom of Form Top of Form Bottom of Form Top of Form Bottom of Form Top of Form ADAMS, F. G. (1986). The business forecasting revolution: nation, industry, firm. New York u.a, Oxford Univ. Pr. ANARI, A., & KOLARI, J. W. (2012). Excel-based business analysis forecasting key business trends. New York, Springer....
5 Pages(1250 words)Assignment

Forecasting/EESC

...Forecast/EESC Problem situation Forecasting refers to the prediction of future performance based on the present or past data. EBBD Company lacks credible financial planning due to the use ineffective methods. However, the company needs to carry out future forecasts that incorporate time series and inflation rates (Brandimarte & Zotteri, 2007). Assumptions The company neglects inflation rates during its financial planning. The company lacks efficient qualitative and quantitative data from its key stakeholders to make short and medium range financial decisions. The company employs extensive financial resources in forecasting of its financial obligations. EBBD will have a peak distribution demand during the unforeseen future... which...
5 Pages(1250 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Forecasting methods for FREE!

Contact Us