Forecasting techniques

Understand and apply baseline forecasting concepts to better manage demand 

Is it right for me? 

Forecasting is a decision-making tool used by a business to help in budgeting, planning, and  estimating future growth. It is an attempt to predict future outcomes based on past events and  management insight. This course will provide you with an insight and the baseline tool & techniques  to help you better manage and react to fluctuations in demand. This course is suitable for the  procurement professional or anyone from wider the supporting functions who wish to increase their  knowledge. 

What will I learn? 

By the end of this course you will be able to: 

• Explain the rationale for forecasting and some of the limitations 

• Demonstrate a knowledge of a variety of forecasting techniques 

• Apply forecasting techniques to the business environment 

What key points will the training cover? 

• Forecasting approaches 

• Elementary techniques 

− Subjective judgement 

− Moving averages 

− Exponential smoothing 

− Adoptive forecasting 

• Advanced techniques 

− Causal models 

− Advanced statistical models 

− Scenario modelling 

− Trends and seasonality 

• Forecasting process