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How can we focus on actual demand to achieve higher forecast accuracy?

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Question added by Gulam Mujtaba , Business Consultant , New Corners Est. for Contracting
Date Posted: 2015/07/02
Muhammad Ali Qaisar
by Muhammad Ali Qaisar , Manager Supply Chain & Stores , Ahsan Elahi & Co. (Xarasoft)

forecasts can't get percent accurate ever. However, it can be improved through applying better technique of smoothing time series and increasing the quantity of the historic sample data

Can Eksoz
by Can Eksoz , Senior Lecturer in Logistics & Supply Chain Management , Muscat University

Increasing forecast accuracy is about the harmonisation of 

* Good understaning of sales data,

* Being aware of recent changes ın environment and at competitors,

* Having concrete knowledge of the product/s. or product groups

 

With application of statistical methods, selected upon product and ıts demand, and jugments of forecasts, you can increase the forecast accuracy

 

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