Tracking Accuracy: An Essential Step to Improve Your Forecasting Process

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. 

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How to Leverage Multiple Forecasts & Views to Create an Accurate Demand Plan

We invite you to join us this Thursday, May 18 @ 1:30 PM EDT, for a live educational Webinar How to Leverage Multiple Forecasts and Views to Create an Accurate Demand Plan featuring Todd Ferguson, Principal at Oliver Wight.

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Business Forecasting Seminar in Orlando FL, March 29-31, 2017

Join us in Orlando, Florida for a comprehensive three-day educational seminar Business Forecasting: Techniques, Applications and Best Practices on March 29-31, 2017.

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Forecasting Weekly and Daily Data

We invite you to join us on  Thursday, January 26, 2017, for a live educational Webinar presented by Eric Stellwagen, President of Business Forecast Systems, Inc.

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Utilizing Time Fences in Forecast Pro TRAC

tipsandtricksSometimes 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.

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Four Basic Steps for Creating an Effective Demand Forecasting Process

We invite you to join us in just one week for a live educational Webinar presented by Eric Stellwagen, President of Business Forecast Systems.

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How to Leverage Forecasting and a Demand Control Process to Improve Customer Service

The educational Webinar How to Leverage Forecasting and a Demand Control Process to Improve Customer Service  presented by Business Forecast Systems and Oliver Wight is now available to view on demand.

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New Comprehensive Business Forecasting Resource

The newly-published reference book Business Forecasting: Practical Problems and Solutions compiles important and influential literature in the field into a single comprehensive resource for improving your forecasting process.

 

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Understanding Pareto (ABC) Analysis

101cIn the 19th century Dr. Wilfredo Pareto, an Italian economist, gave birth to the “80/20 rule” when he observed that 80% of the country’s wealth was held by 20% of the population. Today, many organizations find that the 80/20 rule (or a similar ratio) applies to their products—80% of their revenue comes from 20% of their products.

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What are Time Series Methods and When Should I Use Them?

101cTime series methods are forecasting techniques that base the forecast solely on the demand history of the item you are forecasting. They work by capturing patterns in the historical data and extrapolating those patterns into the future. Time series methods are appropriate when you can assume a reasonable amount of continuity between the past and the future. They are best suited to shorter-term forecasting (say 18 months or less). This is due to their assumption that future patterns and trends will resemble current patterns and trends. This is a reasonable assumption in the short term but becomes more tenuous the further out you forecast.

time series forecast

A Time Series Forecast

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