Forecasting used for business future prediction. Presentation is fully about the forecast future prediction,
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3. What is Forecasting
• Forecasting is the future prediction on the behalf of
situation.
• Forecasting is the basis process of the business planning,
planning is the integral part of any business.
6. Common Features
CONT…
• Group of item may be more accurate into the
individual items
• Forecasting accuracy: high accuracy to produced good
and services in low time that use more forecasting.
11. Approaches of the
Forecasting
Quantitative Technique: Use more data & more time.
Judgmental Technique: A subjective analysis of subjective
input.
12. Approaches of the
Forecasting CONT…
Associate Model: Use explanatory variables to predict the
future analysis.
Time Series Technique: Historical data use for the future
forecasting.
15. Judgemental Forecasting
Executive Opinion: Decision will take upper level of managers.
Sale force Opinion: Upgrade the level of sales.
Consumer Survey: To survey the consumer need & what they
want.
16. Judgemental
Forecasting CONT…
Delphi Method: The method relies on the key assumption
that forecast from a group are generally more accurate then
those from individual.
Outside Opinion: Financial & consulting gurus &
companies.
18. Associative Model
The technique is use for exploratory series for forecast for future
predict demand.
• Predictor Variable: Is independent variable.
• Predicted Variable: Is dependent variable.
• Regression: It’s a technique.
19. Forecast based on time
series
The time series forecasting on the behalf of past basic behaviours, “There are some variations”:
•Trend Variation
•Seasonal Variation
•cyclical Variation
•Irregular Variation
•Random Variation
Associate Technique: technique that is used for expletory series for future predict demand.
Predict Variable: used to predict values of variable interest, sometimes called independent variables.
Regression: technique for fitting a line to a set of points.