Forecasting Fundamentals

Nada R. Sanders

ISBN 10: 1606498703 / ISBN 13: 9781606498705

Published by Business Expert Press, US, 2016

About this Item

This book is for everyone who wants to make better forecasts. It is not about mathematics and statistics. It is about following a well-established forecasting process to create and implement good forecasts. This is true whether you are forecasting global markets, sales of SKUs, competitive strategy, or market disruptions. Today, most forecasts are generated using software. However, no amount of technology and statistics can compensate for a poor forecasting process. Forecasting is not just about generating a number. Forecasters need to understand the problems they are trying to solve. They also need to follow a process that is justifiable to other parties and be implemented in practice. This is what the book is about. Accurate forecasts are essential for predicting demand, identifying new market opportunities, forecasting risks, disruptions, innovation, competition, market growth and trends. Companies can navigate this daunting landscape and improve their forecasts by following some well-established principles. This book is written to provide the fundamentals business leaders need in order to make good forecasts. These fundamentals hold true regardless of what is being forecast and what technology is being used. It provides the basic foundational principles all companies need to achieve competitive forecast accuracy.

Seller Inventory # LU-9781606498705

Bibliographic Details

• Title: Forecasting Fundamentals
• Publisher: Business Expert Press, US
• Publication Date: 2016
• Language: English
• ISBN 10: 1606498703
• ISBN 13: 9781606498705
• Binding: Paperback
• Condition: New
• Weight: 195 grams

About this title

Synopsis

Business leaders know that accurate forecasting is a critical organizational capability. Forecasting is predicting the future, and the list of what needs to be predicted to run a world-class organization and its supply chain is virtually endless. Forecasting goes well beyond simply predicting demand or sales. Accurate forecasts are essential for identifying new market opportunities, forecasting risks, events, supply chain disruptions, innovation, competition, market growth and trends. It also includes the ability to conduct 'what-if' analysis to understand the tradeoff implications of decisions. Over the past few years the ability to make accurate and useful forecasts has become particularly challenging due to a spike in the competitiveness of global markets coupled with a global economic recession. Customers are demanding increasingly shorter response times, improved quality, and greater product choice. Increased competition is exacerbated by a downward global economy and rising fuel prices, which increase uncertainty, risk, and operating costs. The result has been a sharp rise in the complexity of what needs to be forecasted. In an era of rapid change, historical data that are typically used to make forecasts can be of limited value. At the same time information technology has enabled forecasts to drive entire supply chains and enterprise resources planning systems. However, more technology and software, without an understanding of how they can most effectively be utilized, are not the answer to improving forecast accuracy

About the Author

Dr. Sanders is an internationally recognized thought leader and expert in forecasting and supply chain management. Dr. Sanders is the distinguished professor of supply chain management at the D'Amore-McKim School of Business at Northeastern University, and holds a PhD and MBA from the Fisher College of Business at The Ohio State University. Dr. Sanders has held a range of leadership roles in both academic and professional organizations and has served on numerous executive boards. She has provided training and consulting to a range of Fortune 500 companies, and is a frequently called upon keynote speaker and expert witness. Dr. Sanders has authored over one hundred scholarly works and has served on the editorial boards of prominent journals.