Profit From Your Forecasting Software
Go beyond technique to master the difficult judgement calls of forecasting
A variety of software can be used effectively to achieve accurate forecasting, but no software can replace the essential human component. You may be new to forecasting, or you may have mastered the statistical theory behind the software’s predictions, and even more advanced “power user” techniques for the software itself—but your forecasts will never reach peak accuracy unless you master the complex judgement calls that the software cannot make. Profit From Your Forecasting Software addresses the issues that arise regularly, and shows you how to make the correct decisions to get the most out of your software.
Taking a non-mathematical approach to the various forecasting models, the discussion covers common everyday decisions such as model choice, forecast adjustment, product hierarchies, safety stock levels, model fit, testing, and much more. Clear explanations help you better understand seasonal indices, smoothing coefficients, mean absolute percentage error, and r-squared, and an exploration of psychological biases provides insight into the decision to override the software’s forecast. With a focus on choice, interpretation, and judgement, this book goes beyond the technical manuals to help you truly grasp the more intangible skills that lead to better accuracy.
- Explore the advantages and disadvantages of alternative forecasting methods in different situations
- Master the interpretation and evaluation of your software’s output
- Learn the subconscious biases that could affect your judgement toward intervention
- Find expert guidance on testing, planning, and configuration to help you get the most out of your software
Relevant to sales forecasters, demand planners, and analysts across industries, Profit From Your Forecasting Software is the much sought-after “missing piece” in forecasting reference.
PAUL GOODWIN, PHD, is Professor Emeritus at University of Bath, Bath, UK, where he teaches courses on Management Science, business forecasting, and decision analysis. He regularly conducts workshops at forecasting events around the world. A Fellow of the International Institute of Forecasters, he is a well-known keynote speaker at SAS.