Study your data before preparing forecasts

Article Abstract:

Forecasters need to study their data carefully to come out with good and effective projections. To be able to pinpoint what parts of a set of data need to be examined carefully, several pointers are prescribed. Specifically, forecasters have to answer the questions of how much data is available, how reliable are they, are there any missing data, is there any change in the definition of data, are the data aggregated or disaggregated and is there a structural change in the data.

Sales forecasting

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Three common mistakes made in setting up a forecasting system

Article Abstract:

A scientific forecasting system can be successfully set up by avoiding three common mistakes. The appropriateness of the system must be determined before it is set up. The system must not be evaluated after it has been put in place. Separate models should not also be made for each product. An aggregate model is first tried and then models for product groups. Finally, aiming for 100% mechanized system is unrealistic because of the dynamics of many variables.

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Ten commandments of business forecasting

Article Abstract:

A set of guidelines is prescribed for the forecast user as well as for the forecast preparer in undertaking business forecasting. These guidelines, called the 10 commandments of business forecasting, provide a framework for the conduct of the forecasting process in the corporate business environment. These forecasting guidelines were prepared by C.L. Jain of St. John's University.

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