Business Forecasting

In Business Forecasting, editors Michael Gilliland, Len Tashman, and Udo Sglavo have assembled in one comprehensive resource the most influential studies and writings in applied forecasting. The expert contributors focus on recent discoveries and reveal new methods and approaches in forecasting as well as touch on many controversial topics. Throughout the book, the authors emphasize the fact that enlightened forecasting management (not just fancy new algorithms) is the best way to improve forecasting practice. This valuable collection gives forecast analysts, demand planners, and anyone involved in the forecasting process a practical and thought-provoking guide for forecast modeling and process improvement. Designed to be practical, Business Forecasting explores the fundamental issues of forecasting and contains approaches for avoiding errors, methods for obtaining valid benchmarks, and shows how to use forecasting to steer business on the right course. The authors include information on methods of statistical forecasting and reveal how to select a statistical forecasting level and enhance forecasting by using the data mining tactic. In addition, the text puts the spotlight on performance evaluation and reporting and offers suggestions for tracking forecast accuracy and applying the use of scaled errors in addition to percentage errors in order to monitor forecasting accuracy. The text also contains a thorough review of the overall forecasting process and information on the inevitable politics involved in business forecasting. To help hone forecasting skills, this vital resource covers a wide range of essential tools and topics such as employing accuracy metrics, applying quality assessments, modeling problem data, and overcoming dysfunctional behaviors. The authors also review typically overlooked issues including uncertainty, randomness, and forecastability, as well as offer an examination of emerging areas like forecast value added analysis. Business Forecasting is your hands-on guide to the latest developments in the field and contains an array of tools that can enable better processes and improved results.