03-07-2012, 12:04 PM
FORACASTING
FORECASTING PPT.pptx (Size: 100.92 KB / Downloads: 23)
Forecasting is the process of making statements about events whose actual outcomes (typically) have not yet been observed. There are various method of forecasting,The Selection of a method should be based on your objectives and your conditions (data etc.).
QUALITATIVE FORECASTING
Qualitative forecasting techniques are subjective, based on the opinion and judgment of consumers, experts; appropriate when past data is not available. It is usually applied to intermediate-long range decisions.
Forecasting accuracy
The forecast error is the difference between the actual value and the forecast value for the corresponding period.
where E is the forecast error at period t, Y is the actual value at period t, and F is the forecast for period t.
DEMAND FORECAST
To Forecast the numbers of subscribers in a well defined area. This forecast may be done for each section first and then this forecast may be combined to form forecast for bigger areas like blocks and exchange areas.
Business Forecasting
Skills needed to become a business & economic forecaster
Economic knowledge
Statistics
Computer applications
Communication
Forecasting as an art, as well as a science