Academic journal article The Journal of Business Forecasting

"Forecasting: Practice and Process for Demand Management."

Academic journal article The Journal of Business Forecasting

"Forecasting: Practice and Process for Demand Management."

Article excerpt

Levenbach, Hans and James P. Cleary. "Forecasting: Practice and Process for Demand Management." Belmont, California: Thompson-Brooks/Cole. 2006, pp. 622.

This book (with CD-ROM) is for practicing forecasters who specialize in demand management and replenishment planning for the supply chain. While providing large numbers of forecasting techniques, computer software does not provide detailed guidance on how to analyze data and select an appropriate and robust forecasting technique for each forecasting task. In this volume, the authors explain the steps to their approach to demand forecasting, which are: (1) Establish a forecasting process; (2) Select appropriate forecasting and analytical techniques for each forecasting problem; (3) Analyze computer-generated graphical displays of historical data before attempting to build any models; (4) Display and analyze residual patterns and diagnostics; and (5) Compare traditional forecasting results with robust (when there are violations to classical statistical assumptions) and resistant (when there are unusual values) methods. Using realworld business examples and cases, the authors use the book to explain how to move (if justified by increases in forecast accuracy) from simple to more complex forecasting methods. …

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