Operations Forecasting

Operations Forecasting Name OPS/571 Date Instructor Operations Forecasting Forecasting is a process of making predictions of the future on the basis of past data. Quantitative forecast employ statistical methods to forecast quantitative values. On the other hand qualitative forecasts are based on judgement and opinions. The major categories of forecasting methods are last period demand, simple and weighted moving average and exponential smoothing. Operations forecast is the result of a combination of future estimates and systematic casting forward of data in a manner predetermined by past data to obtain a statement of the future. Good forecasts are very valuable and help in planning decisions. However forecasts are subject to a myriad of factors such as the general economic trends, political climate, actions by competitors and industry trends among others. Forecasts are only possible where historical data exists and are classified according to the time period covered. In this forecasting project, we will use Amazon data set to make a one year forecast using three forecasting models i.e. simple average, Nave method and 2 year moving average This forecasting project uses annual revenue data for the period 2013 to 2017 to forecast Amazon.com Inc.s revenue for 2018. Amazon.com Inc.Revenue Forecast 2018YearTurnover