Subject: Business and Management
Topic: FORECASTING
Language: English (U.S.)
Pages: 1
Instructions
Research on forecasting topics

Forecasting

The demand forecast is the prediction of what will happen to exist sales of a product in a company. In other words, demand forecasting is the prediction of how the request for a product will be in future. Demand forecasting involves different techniques e.g. quantitative methods which help to assess how future demand will be for an individual product. Demand forecasting is used in many sectors in an organization such as production planning, stock management and also at times is used by top management as a tool to measure the likelihood of a commodity joining new markets. Demand forecasting uses past and present data and events to be able to give predictions.

In the statistical modeling, regression analysis is a statistical process for estimating different relationships that occur between variables. Different techniques are used to measure and analyze different variable by emphasizing on the relationship between a dependent variable and a more independent variable. Delphi is a forecasting method which is based on the results of questionnaires which are sent to a panel of experts in a particular field. Several questionnaires are sent out, and the experts give their anonymous feedback several times thus the method can give accurate feedback through consensus.

The business trend is a gradual change in a condition, the output of a product or service, processes, or the general tendency in the series of data points to move in a particular direction over a stipulated amount of time. A line or curve can present the business trend on a graph. Business trends help managers to produce goods and services which are highly popular. A business pattern on the other side is a recurring characteristic that helps organization or individual to identify a certain problem or phenomenon. Business models serve as good indicators of the future behavior of commodities and services.

REFERENCES

Shim, J. K. (2000). Strategic business forecasting: The complete guide to forecasting real world company performance. Boca Raton, Fla: St. Lucie Press.

Kahn, K. B. (2006). New product forecasting: An applied approach. Armonk, N.Y: M.E. Sharpe, Inc.