Forecasting Techniques
Various demand forecasting techniques can be put in two categories.
1. Barometric Methods
2. Econometric Methods
In our preceding discussion, we have already discussed the second one first. Econometric methods include:
I. Statistical Regression Method and
II. Econometric models – Single equation and simultaneous equation (i.e. simple vs multiple regression models)
The econometric models combine economic theory, statistical methods and empirical data helping with estimation and analysis of demand functions for use by the micro corporate sector and macro government sector. The limitations of this approach are dealt with separately in the inventory department.
The barometric methods specifically include the following:
1. Historical Analogy Method
2. Survey Method
3. Trend Method or Time Series (Extrapolation Method)
4. End-use Method
5. Leading Indicators Method
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