Business Forecasting

Business Forecasting refers to the tools and techniques used to predict developments in business, such as sales, expenditures, and profits. The purpose of the Business Forecasting course is to develop better strategies based on these informed predictions. As tools and techniques, in this course, we are going to use the software named Forecast Pro.

Forecast Pro is proven off-the-shelf software used by organizations around the globe for creating statistically-based accurate forecasts that can be readily integrated into broader planning systems. Designed specifically for business forecasters, Forecast Pro is easy-to-use yet provides state-of-the-art methods and comprehensive tools, making it easy for you to automatically create reliable forecasts in seconds. Forecast Pro is used across virtually all industries and puts sophisticated forecasting techniques into anyone’s hands. It is powerful & accurate, yet easy-to-use and quick to implement — you can be up and running in just days, or even hours. Forecast Pro provides the combined power of AI, machine learning and statistical forecasting in one easy-to-use package. These cutting-edge forecasting technologies are all included in Forecast Pro’s “best pick” algorithm, making it easier than ever to produce accurate and reliable forecasts.

Some questions which can be easily answered by entrepreneurs after the course:

  • How to forecast sales for a start-up enterprise?
  • In other words: How to forecast without historical data?
  • How to forecasts sales, costs, and profits for an established enterprise?
  • How to make forecasts of sales of hundreds of products, classified into product categories, in one step?
  • How to use and test the validity of explanatory variables which may influence future sales in forecasting?
  • How to deal with extreme observations efficiently, to improve sales forecasts?
  • How to forecast reordering times of raw materials for a factory or inventories for a retail chain, to ensure always having safety stocks of raw materials, inventories, and products for sales?