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Study Mode: Online
Enrolled: 1097 students
Course view: 8421
Duration: Self-Paced Learning
Lectures: 25
Course type: Short Courses
Certificate of Completion: FREE
Sales Forecasting

Ideally the sales forecasting process needs different kinds of information from different departments. This could be done by integrating different departments by means of common information system. The business functions of departments like production, sales, purchasing, planning, finance and logistics, supply chain department are different ones, the strategies used by them also differ. While integrating the functions, all the departments share their information on a central information system which is joined with central database warehouse. As all functions work towards the same target, sharing information facilitates productive work. Coordination can be achieved by a central information system. Furthermore, sales forecasting also runs on information like marketing, sales, production planning and logistics. All departments need the sales forecasting to plan their activities effectively. Integration of coordination may be the best way to achieve integrated and interactive forecast. The managers at the different functional areas will make the decisions using the data available in the central repository. The activities that can be forecast in the area of marketing are annual plans, product changes, promotional changes, channel placement and pricing; in the area of sales, identifying the sales target for the sales force; and in the area of finance, accounting projects the cost and profit needs and the capital needs; in the area of production and purchasing are planning the development of plant and equipment; and finally in the area of logistics and planning the development of storage facilities and transportation and equipment and specific decisions of what product to move to what location. In order to predict and take the decisions in different functional areas different forecasting techniques can be used which are discussed in this course.

Upon completion of this course, you should be able to explain;

  1. Forecasting methods: an overview
  2. Direct extrapolation of sales
  3. Causal approaches to sales forecasting
  4. New product forecasting
  5. Evaluating and selecting methods
  6. Estimating prediction intervals
  7. Implementation

Course Curriculum

SECTION 1: THE CONCEPT OF FORECASTING

1
Introduction to Sales Forecasting

Self-Paced

2
Forecasting Methods: An Overview

Self-Paced

3
Causal Approaches to Sales Forecasting

Self-Paced

4
New Product Forecasting

Self-Paced

5
Why Build a Sales Forecast?

Self-Paced

6
Types of Sales Forecasting Methods

Self-Paced

7
Data-Driven Sales Forecasting Using Opportunity Stages

Self-Paced

8
Additional Forecasting Methods

Self-Paced

9
Quiz

10 questions

SECTION 2: SALES FORECASTING

1
Running Your Sales Forecasting Meetings

Self-Paced

2
Developing Your Traditional Forecasting Stages

Self-Paced

3
Nature and Purpose of Sales Forecasting

Self-Paced

4
Methods of Sales Forecasting

Self-Paced

5
Trend Analysis and Extrapolation

Self-Paced

6
Correlation between Sales and Profit Maximization

Self-Paced

7
Brainstorming (Thought Showers)

Self-Paced

8
Impact of SCM on Sales Forecasting

Self-Paced

9
Quiz

10 questions

SECTION 3: REASONS FOR UNDERTAKING SALES FORECASTS

1
The Sales Forecasting Process

Self-Paced

2
Sales Forecasting Need in Financial Planning

Self-Paced

3
Sales Forecasting Need in Production /Purchasing and Logistics

Self-Paced

4
Factors for Selecting the Forecasting Model

Self-Paced

5
Creating the Sales Forecast for a Product

Self-Paced

6
Forecasting Methods and Techniques

Self-Paced

7
Qualitative Methods

Self-Paced

8
Selecting the Right Forecasting Model

Self-Paced

9
Wrapping Up

Self-Paced

10
Quiz

10 questions

SECTION 2: SALES FORECASTING

SECTION 3: REASONS FOR UNDERTAKING SALES FORECASTS

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