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Demand Forecasting
Rating: 4.5 out of 5(69 ratings)
330 students

Demand Forecasting

Fundamentals and Examples of Demand Forecasting
Created byMaxusknowledge Team
Last updated 9/2022
English

What you'll learn

  • Identify the demand forecasting using different methods and why is it necessary for an organization.
  • Learn qualitative methods of forecasting like Delphi method, Sales force forecasting, Executive opinion and Customer survey or market research.
  • Learn fundamentals of exponential smoothing method for forecasting
  • Calculate forecast using the trend adjusted trend adjusted exponential smoothing method
  • Calculate forecast using Simple moving average and weighted moving average methods.
  • Calculate the Mean absolute deviation (MAD), Mean Absolute percent error (MAPE) and tracking signal for these forecasted values.

Course content

2 sections • 28 lectures • 7h 59m total length

  • Fundamentals of Demand Forecasting7:11

    In this video, you will learn what is meant by demand forecasting and why is it necessary for an organization.

  • Components of demand13:19

    In this video, you will learn about the components of demand.

  • Qualitative methods of forecasting12:32

    In this video, you will learn about the qualitative  methods of forecasting like Delphi method, Sales force forecasting, Executive opinion and Customer survey / market research.

  • Simple moving average - Fundamentals10:11

    In this video, you will learn the fundamentals of using simple moving average method for demand forecasting.

  • Weighted moving average - Fundamentals10:47

    In this video, you will learn the fundamentals of using Weighted moving average method for demand forecasting.

  • Exponential smoothing - Fundamentals25:51

    In this video, you will learn the fundamentals of exponential smoothing method for forecasting.

  • Value of alpha for exponential smoothing9:27

    In this video, you will learn about the value of alpha for exponential smoothing with the help of an example.

  • Trend adjusted exponential smoothing - Fundamentals12:35

    In this video, you will learn the basic concepts of how to find out the forecast when the historical data has a trend.

  • Seasonal influence in forecasting - Fundamentals26:11

    In this video, you will learn about the basic concepts of seasonality in forecasting and you will also learn how to calculate forecast under seasonal influence using the multiplicative seasonal method.

  • Measurement of Forecasting error - Part 116:05

    In this video, you will learn the basic concepts of how to measure the forecasting error and also understand how to calculate the deviation and running sum of forecast errors.

  • Measurement of Forecasting error - Part 217:40

    In this video, you will learn the basic concepts of measuring the forecasting error using Mean Squared error (MSE), Standard deviation (sigma) and Mean absolute deviation (MAD).

  • Measurement of Forecasting error - Part 310:11

    In this video, you will learn the basic concepts of measuring the forecasting error using Mean absolute percent error (MAPE).

Requirements

  • You don’t need any perquisites for taking this course

Description

In this course, you will learn the different methods of Demand Forecasting including examples. In this course, you will also  learn about the qualitative  methods of forecasting like Delphi method, Sales force forecasting, Executive opinion and Customer survey / market research. You will also learn the concepts of how to find out the forecast when the historical data has a trend.

This course can be useful for students studying operations management, professionals working in IT industry responsible for the planning and implementation of demand forecasting. There will be 28 lectures in the course covering the main topics of demand forecasting.

Following are the lectures that are part of the demand forecasting course- Fundamentals of demand forecasting, Components of demand, Qualitative methods of forecasting, Fundamentals of simple moving average, Fundamentals of weighted moving average, Fundamentals of Exponential smoothing, Value of alpha for exponential smoothing, Fundamentals of trend adjusted exponential smoothing, Fundamentals of Seasonal influence in forecasting using multiplicative seasonal method, Linear regression using Causal relationship forecasting,  Fundamentals of Seasonal influence in forecasting and Measurement of Forecasting error using Mean Squared error (MSE), Standard deviation (sigma), Mean absolute deviation (MAD) and Mean absolute percent error (MAPE). This will also covers the examples of each of these topics.

Please note that this course does not contain usage of Excel for Demand Forecasting. However, it explains all the techniques and fundamentals with elaborate examples in detail.

Who this course is for:

  • The course can be useful for students studying operations management, professionals working in IT or Management industry responsible for optimizing demand forecasting

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