Forecasting Simulation



 
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3.00 hours
Simulation
INV205

ID:1000000489
  • About
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About the Course

This simulation is designed to improve the forecasting skills of individuals with limited prior forecasting backgrounds. Improved forecasting expertise is valuable for anyone who has ever participated or will ever participate in budgeting and planning efforts at a company.

Course Description

This simulation will give you the opportunity to practice and apply forecasting techniques and principles. Within this forecasting simulation, you're asked to assume the role of a forecaster. Using the data provided within each of the problems in this forecasting simulation, you'll need to create one or more forecasts as specified.

Your goal is to develop accurate forecasts. Forecasting accuracy is based on comparing your forecasts to the actual outcomes that are known to have occurred (revealed only after you commit to specific forecasts required in each forecasting problem in the simulation).

Once downloaded, to access the Forecasting Simulation, use the password 4567.

Learning Objectives

By the end of this course, you will be able to:

  • Forecast future sales volume for products with a high space-to-turnover ratio.
  • Develop forecasts of call center usage.
  • Develop a monthly sales volume forecast for a well-established brand.
  • Develop production plans for multiple products within a product line.
  • Develop a production plan for one particular channel based on week-old sales data.
  • Describe the challenges and issues associated with developing useful and accurate forecasts in a variety of business contexts.

Agenda

The forecasting simulation consists of the following components:

  • Simulation Details
  • Forecasting Approaches
  • Problem #1 Overview, Simulation Run, and Debriefing
  • Problem #2 Overview, Simulation Run, and Debriefing
  • Problem #3 Overview, Simulation Run, and Debriefing
  • Problem #4 Overview, Simulation Run, and Debriefing
  • Problem #5 Overview, Simulation Run, and Debriefing
  • Simulation Debriefing
None