CHAPTER 14

Demand Forecasting

CRITICAL QUESTIONS

After going through this chapter, you will be able to answer the following questions:

  • What is the role of forecasting in an organization? How does it help the planning process?
  • How does the forecasting methodology and context change with respect to the time horizon?
  • What are the steps involved in designing a forecasting system?
  • What are the sources of data for forecasting? How do organizations use these data?
  • What are the well-known models used for forecasting? How can we estimate the model’s parameters?
  • How can we assess the accuracy of forecasts obtained from a forecasting model?
  • What are the managerial considerations in using a forecasting system?

 

Every organization invariably engages ...

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