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Whitepaper: Approaches To Sales Forecasting - A Review

by Data PerceptionsJan 01, 2008

Virtually every manufacturing or service company needs to generate forecasts of their short to medium term sales. Being able to forecast demand more accurately has major commercial advantages, whether the forecast is used to plan purchasing, production and inventory, as the basis of marketing or sales planning and for financial planning and reporting or budgeting. The essence of judgmental forecasting is the application of the business manager’s knowledge and interpretation of past events and activities and their effects on sales, to planned future events and activities. The result is a ’judgmental’ forecast for the future sales periods.