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Operational Forecasting

Define the term Operational Forecasting and what are the forecasting methods?

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Forecasting is the business planning process which covers predicting outcomes for the future business requirements when situation as are unknown and the period is fixed.

  • supply & demand – seasonality
  • inventory planning – ordering, holdings, storage, hedging
  • resource planning – all aspects
  • cash flow

Forecasting methods:

  • econometric methods – mathematical equations
  • rolling forecasts – past experience  
  • judgmental – opinions, intuition, 
  • simulation modeling

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