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  • Institute MBA Demand Forecasting

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    AKASH PANWAR
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    This document provides an overview of demand forecasting for a Managerial Economics course. It outlines the course outcomes, which include understanding demand forecasting concepts and applying them to forecast demand. It then discusses the importance of forecasting for businesses and organizations. The key elements of a good forecast are that it is timely, reliable, accurate, and written. The forecasting process involves determining the purpose, establishing a time horizon, obtaining and analyzing data, selecting a technique, making the forecast, and monitoring the forecast. Demand forecasting methods include qualitative approaches like surveys and quantitative approaches like time series analysis. Applications of demand forecasting include supply chain management and economic forecasting.

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    This document provides an overview of demand forecasting for a Managerial Economics course. It outlines the course outcomes, which include understanding demand forecasting concepts and applying them to forecast demand. It then discusses the importance of forecasting for businesses and organizations. The key elements of a good forecast are that it is timely, reliable, accurate, and written. The forecasting process involves determining the purpose, establishing a time horizon, obtaining and analyzing data, selecting a technique, making the forecast, and monitoring the forecast. Demand forecasting methods include qualitative approaches like surveys and quantitative approaches like time series analysis. Applications of demand forecasting include supply chain management and economic forecasting.

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    8 views12 pages

    Institute MBA Demand Forecasting

    Uploaded by

    AKASH PANWAR
    This document provides an overview of demand forecasting for a Managerial Economics course. It outlines the course outcomes, which include understanding demand forecasting concepts and applying them to forecast demand. It then discusses the importance of forecasting for businesses and organizations. The key elements of a good forecast are that it is timely, reliable, accurate, and written. The forecasting process involves determining the purpose, establishing a time horizon, obtaining and analyzing data, selecting a technique, making the forecast, and monitoring the forecast. Demand forecasting methods include qualitative approaches like surveys and quantitative approaches like time series analysis. Applications of demand forecasting include supply chain management and economic forecasting.

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    © All Rights Reserved
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    of 12

    INSTITUTE –University School of

    Business
    DEPARTMENT -Management
    M.B.A
    Managerial Economics-BAT 603
    By : Sheena Chopra(Assistant Professor)

    UNIT-1 Demand DISCOVER . LEARN . EMPOWER


    Forecasting

    1
    • Space for visual (size 24)

    Demand
    Forecasting
    Course Outcome
    CO Title Level
    Number Will be covered in this
    CO4 Understand the concept demand forecasting and Understand
    apply it to forecast the demand. &Remember lecture

    CO1 students will be able to: Remember


    remember that economics is about the allocation  
    of scarce resources, that scarcity forces choice,
    trade-offs exist and that every choice has an
    opportunity cost.

    CO2 List the determinants of the demand and supply Understand


    for a good in a competitive market and explain  
    how that demand and supply together determine
    equilibrium price.
    2
    CO3 Understand the factors that effect consumer Understand
    behaviour
    Forecasting

    • Forecasting is the process of estimating a variable, such as the sale of the firm at some future
    date.
    • Forecasting is important to business firm, government, and non-profit organization as a
    method of reducing the risk and uncertainty inherent in most managerial decisions.
    • A firm must decide how much of each product to produce, what price to charge, and how
    much to spend on advertising, and planning for the growth of the firm.

    • “The aim of forecasting is to reduce the risk or uncertainty that the firm faces “

    3
    Elements of a Good Forecast

    Timely

    Reliable Accurate

    Written

    4
    Source : economicsnotes.blogspot.com
    Steps In The Forecasting Process

    “The forecast”

    Step 6 Monitor the forecast


    Step 5 Make the forecast
    Step 4 Obtain, clean and analyze data
    Step 3 Select a forecasting technique
    Step 2 Establish a time horizon
    Step 1 Determine purpose of forecast
    5
    Source : economicsnotes.blogspot.com
    Need Of Demand Forecasting
    • New facility planning
    • Production planning
    • Workforce scheduling
    • Financial planning

    6
    Methods Of Demand Forecasting

    • Qualitative Methods
    • Survey Method
    • Historical Analogies
    • Collective Opinion (sale force opinion Method)
    • Delphi Technique
    • Test marketing

    7
    Quantitative Methods

    • Time Series
    • Moving averages
    • Leading Indicator method
    • Correlation and regression Equations
    • Extrapolation

    8
    Applications

    • Supply Chain management


    • Economic Forecasting ( in process of making predictions about the economy)
    • Earthquake Forecasting

    9
    References

    • Ahuja, H.L. Macroeconomics, Theory and Policy, S. Chand & Co., New Delhi.
    • Chopra, P.N, Managerial Economics, Kalyani Publishers, New Delhi.
    • Karl E. Case / Ray Fair, Principles of Economics Ninth Edition.
    • D.M Mithani (2015) ,Managerial Economics
    • Keat Paul and Philips Young (2015), Managerial Economics
    • http://www.economicsdiscussion.net/demand-forecasting/demand-forecasting-conc
    ept-significance-objectives-and-factors/3557
    • https://sites.google.com/site/economicsbasics/demand-forecasting
    • International Journal Of economics

    10
    Assessment Pattern

    11
    THANK YOU

    For queries
    Email: sheena.usb@cumail.in

    12

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