Professional Documents
Culture Documents
•Forecasting of demand!
Indian Retail Industry
•Scale of forecast
•Erratic demands
•Changing price
•Restocking period
Judgmental
• Unaided
• Delphi
• Expert Systems
• Simulated interactions
Quantitative
• Extrapolation
• Data mining – Least Square Regression
Existing Surveys
•Haiko
• Small scale retailer
• Do not use sophisticated tools but historical data to analyze trends
What are the key aspects of a forecasting exercise?
1. Beginning Early
•What are some tips for developing a forecasting model for new
product?
• try out different forecasting techniques
•What is the period of time in the future for which you do forecasting?
• a six monthly basis, place orders at 2 months in advance