New Product Forecasting Using Machine Learning
4.7 (5 ratings)
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New Product Forecasting Using Machine Learning

Methods to forecast for new products
4.7 (5 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
581 students enrolled
Last updated 6/2017
English
Price: $20
30-Day Money-Back Guarantee
Includes:
  • 1 hour on-demand video
  • 1 Supplemental Resource
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • At the end of the course you will learn about different techniques of new product forecasting and how to identify a similar product in case of forecasting by analogy
View Curriculum
Requirements
  • Should have a business knowledge about the new products introduction by companies
Description

All businesses introduce new products for various reasons. The new products poses challenge for the planners and marketing executives to estimate the demand for them for merchandise and supply planning purposes. The primary reason being the lack of historical data that can be used for forecasting. 

This course addresses this challenge by discussing concepts and techniques available for forecasting demand of new products. These techniques are 'By Analogy' and 'Bass Diffusion' including a live demonstration using a planning software.

While Analogy is the more popular technique, the issue most planners face in this technique is in choosing the right analogue product. The course also discusses the clustering technique that can be deployed to help pick the right analogue product to assist in this technique. 

Who is the target audience?
  • Business Planners, Sales & Marketing executives, Management students
Compare to Other Forecasting Model Courses
Curriculum For This Course
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Getting started
9 Lectures 56:25




Forecasting by Analogy
Processing..

Similar product selection by machine learning
18:26

Best Product Pick
05:36

Forecasting for new to the world product
08:51

Analogy method demo using a forecasting software
10:33

New Product Forecasting
11 questions
About the Instructor
Business Consulting
3.6 Average rating
35 Reviews
1,567 Students
6 Courses
Powerful Planning. Simplified

Anamind helps organizations build business planning and forecasting capability. With simplicity at the core of our approach we offer a world class planning system - PLANAMIND, process consulting services, and training for business planning.

This course has been specifically designed by us to help planning professionals as well as aspirants of this function worldwide, to understand and build their skills in business planning. The course contains both quantitative and qualitative aspects of planning. 

This course is business oriented and not purely academic in nature. We have incorporated our years of learning from global work experience. We have ensured that you are equipped to apply the learnings in real business situations and contribute to your career and as well as your organisation.

Course Design Leads

Dr. Steve Miller, Vice President, has over 40 years of vast expertise in business planning and supply chain function working in Fortune 500 companies like Goodyear as well as the teaching experience in Akron University and Herzing University. 

He holds Bachelors & Masters Degree in Mathematics from Akron University, USA and Doctorate in Theology from Andersonville Theological Seminary, USA

Rishi Trivedi, CEO, is a Business Planning professional with over 15years of work experience in Fortune 500 companies like Apple, Hewlett Packard and Intel. His teaching experience includes assignments with University of Pune and Symbiosis International University.

He is a Chartered Accountant (India) as well as the Certified Professional Forecaster (IBF, USA). He also holds a Masters Degree in Economics from Pune University and Management Certification from IIM Calcutta.