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Updated in [July 25th, 2023]

This course on Demand Forecasting provides an overview of the different methods of forecasting, including qualitative methods such as Delphi method, Sales force forecasting, Executive opinion and Customer survey/market research. It also covers the concepts of how to forecast when the historical data has a trend. This course is beneficial for students studying operations management, as well as professionals working in the IT industry who are responsible for the planning and implementation of demand forecasting. The course consists of 28 lectures, covering the main topics of demand forecasting, such as 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). Examples are provided for each of these topics.

Course Syllabus

Fundamentals

Examples of Demand Forecasting