We invite you to join us on Thursday, July 20 @ 1:30 PM EDT, for a live educational Webinar “Tracking Accuracy: An Essential Step to Improve Your Forecasting Process” presented by Eric Stellwagen.
Join us in Orlando, Florida for a comprehensive three-day educational seminar Business Forecasting: Techniques, Applications and Best Practices on March 29-31, 2017.
Sometimes making changes to near-term forecasts can be an expensive proposition. Last minute changes often significantly increase production and procurement costs, decrease profitability, and negatively impact other aspects of the business. To protect against these effects, many companies establish “time fences” to prohibit changes to the forecast over a defined short-term horizon. This edition of Tips & Tricks details how to set time fences in Forecast Pro TRAC to prevent new statistical forecasts from being generated and/or new forecast overrides from being applied within the fenced horizon.
Users can take advantage of the enhancements available in Forecast Pro TRAC Version 4.1. This new release includes further improvements to the grid view, and substantial improvements to the “hierarchy shuffling” functionality.
Forecast Pro TRAC allows you to view and work with your forecasts in different units of measure. When you set up your data for Forecast Pro TRAC, the units of measure for the input data are referred to as the default units. Unlike Forecast Pro Unlimited, which limits you to a single unit of measure, Forecast Pro TRAC lets you change the units you are working in.
Changing units isn’t just designed for reporting purposes. In Forecast Pro TRAC, as you change the working units you can continue to make adjustments and overrides to the forecast. As a result, the members of your team can view and work with the forecast in the units of measure that matches the way that they think about the business.
ABC classification, also known as Pareto analysis, is a useful method for classifying forecast items based on their relative importance to the organization. Many companies adopt different procedures for creating, reviewing and monitoring forecasts based upon an item’s classification. This enables the forecasting team to focus its efforts on those items which have the greatest impact to the organization.
Items are typically categorized as follows:
- A: important high volume items
- B: medium volume items
- C: slow moving items
In the field of business forecasting, is there a disconnect between practitioners and academia? You are invited to share your opinion in a study being conducted at Central Michigan University