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Forecasting Techniques

Forecasting methods when estimating the future demand

An estimation of future demand is important for companies when making plans for the future.
For companies producing goods to customer order, for example, estimates of labor or machine hours are important to scheduling and capacity planning.

This course explains and discusses the use of different forecasting methods due to the purpose and the planning horizon when estimating the future demand for the use in planning.

Objectives: The purpose of the course is to provide you with insights into how to use different forecasting methods when estimating the future demand for the use in planning.

Level: Advanced, you should have basic knowledge in the area.

Training Method: Forecasting Techniques is a Module course and is studied over the internet via our e-learning platform Instant education. Read more about the training method here.

Course Length:Approximately 4 hours active study time.

Price: 70 EURO / student
78 USD / student

Prices excluding VAT.
For large-scale education projects request quotation.

Online price:

55 EURO / student
61 USD / student

Prices excluding VAT.

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Course contents:

Factors Affecting Demand
There are different factors that can cause changes in demand and it is important for companies to make decisions about what to forecast.

Demand Forecasting
Forecasts depend upon what is to be done.

Forecasting Techniques
There are many forecasting methods, but they can usually be classified into two general types of forecasting techniques.

Forecasting by Intrinsic Techniques
Intrinsic forecasting techniques use historical data to forecast.

Moving Averages
This method is based on the average of the actual demand over the specified period.

Exponential Smoothing
This method gives the same results as a moving average but with easier calculations.

Seasonality Demand
Many products have a seasonal demand pattern.

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