Demand forecasting for managers

• Main Authors: Kolassa, Stephan, Siemsen, Enno
• Format: eBook
• Language: English
• Published: New York, New York (222 East 46th Street, New York, NY 10017) Business Expert Press 2016
• Edition: First edition.
• Series: Supply and operations management collection
• Subjects: Business forecasting; choice under uncertainty; decision making; forecast accuracy; forecasting; forecasting competition; intermittent demand; judgmental forecasting; sales and operations planning; service levels; statistics thinking
• ISBN: 9781606495025; 160649502X

Most decisions and plans in a firm require a forecast. Not matching supply with demand can make or break any business, and that is why forecasting is so invaluable. Forecasting can appear as a frightening topic with many arcane equations to master. We therefore start out from the very basics and provide a nontechnical overview of common forecasting techniques as well as organizational aspects of creating a robust forecasting process. We also discuss how to measure forecast accuracy to hold people accountable and guide continuous improvement. This book does not require prior knowledge of higher mathematics, statistics, or operations research. It is designed to serve as a first introduction to the nonexpert, such as a manager overseeing a forecasting group, or an MBA student who needs to be familiar with the broad outlines of forecasting without specializing in it.