Module 002 Demand Forecasting

At the end of this module you are expected to:

1. Identify terms related to demand forecasting
2. Analyze importance and objectives of demand forecasting
3. Evaluate factors which affect demand forecasting
4. Examine the objectives of demand forecasting

Introduction to Forecasting
According to 1.2 Forecasting, planning and goals. (n.d.). Retrieved June 3, 2018, from
https://www.otexts.org/fpp/1/2, the term, forecasting means prediction the future as
accurately as possible. , available information which includes historical data and knowledge
of any future events that might impact the forecasts should be given. Through forecasting,
decisions about production scheduling, personnel and transportation can be done
effectively and guide to long-term strategic planning can be provided through the said
process.
Forecasting can play a relevant role in many business areas and so it should be an
integral part of activities related to decision making of management. According to the
same source, depending on specific application, business organizations nowadays
require short-term, medium-term and long-term forecasts.
A. Short-term forecasts
These are needed for personnel scheduling and scheduling of production and
transportation. Forecasts of demand are also required in the scheduling process.
B. Medium-term forecasts
To determine the future resource requirements, these forecasts are needed.
These are done to purchase raw materials, buy machinery and equipment and to
hire personnel.
C. Long-term forecasts
These are utilized in strategic planning wherein market opportunities,
environmental factors and internal resources should be taken into account.

Most of the business organization’s decisions are made under risk and uncertainty
conditions. Because it faces both internal and external risks – failure of technology, high
competition, inflation, labor unrest, recession and change in government laws. Adverse effects of
risks can be lessen by determining the demand or sales prospects for its products in the future.
What is demand forecasting? According to Demand Forecasting: Concept, Significance, Objectives

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and Factors. (2015, August 11). Retrieved June 4, 2018, from
http://www.economicsdiscussion.net/demand-forecasting/demand-forecasting-concept-
significance-objectives-and-factors/3557, demand forecasting is a systematic process which
involves demand anticipation for the organization’s products in future under set of uncontrollable
and competitive forces.
From the same source, there are other popular definitions of the term, demand forecasting
and these are as follows:
1. Demand estimation or forecasting refers to the process of finding values for
demand in the future. – Douglas, Evan J.
2. Demand forecasting is a sales estimate during a specified time in the future based on
the proposed marketing plan and a set of a specific uncontrollable and competitive
forces.

Through demand forecasting, an organization is enabled to take various decisions related

to the business such as the production process planning, raw material purchasing, fund
management, and product price decisions. By making own estimates called guess estimate or
taking the help of market research agencies or specialized consultants, business organization can
forecast demand.

In every business, demand plays a critical role in the areas of management. It aids in the
reduction of risks involved in the business activities and in making important decisions. It also
provides insights into capital investment and expansion decision of business organization.
Demand forecasting , according to the same source is important in the following points:
1. Fulfilling objectives
Demand forecasting aids in fulfilling the pre-decided objectives of any
business organization. Because business firm estimates the current demand for
the products that it offers in the market, it enables the business to move forward to
achieve the set goals and objectives.
2. Preparing the budget
Demand forecasting plays a critical role in budget making by estimating the
cost and expected income or revenues. For instance, a business firm has forecasted
that the demand for its product , which is prices at RS 20, would be 20, would be
200,000. In this case, the total expected revenue would be 20 * 200,000 = Rs
4,000,000. In the given example, business organization is enabled to prepare their
budget.
3. Stabilizing employment and production
Demand forecasting aids an organization in controlling its production and
activities related to recruitment. Producing goods according to the product
forecasted demand helps in avoiding resource wastage of business organization.
It also helps business firm to hire human resource according to how much is
 required. For instance, an organization may opt for extra labor if it expects a rise
in their product demand so as to fulfill the said increased in demand.
4. Expanding organizations
In deciding for business expansion, demand forecasting is a big help. If
the expected demand for the products is higher , the business firm may plan to
expand further while if in case, product demand is expected to fall, the business
firm may cut down investing in the business.
5. Taking management decisions
Demand forecasting help in critical decision making such as plant
capacity decision, determining the raw material requirement and ensuring the
labor and capital availability.
6. Evaluating performance
Demand forecasting also aids in making corrections. For instance, if the
product demand of a business organization is less, corrective actions may be
taken by the said firm and improve on the demand level by enhancing the
product quality or spending more on advertisement.
7. Helping government
Demand forecasting also enables the government to coordinate activities
related to import and export and plan international trade.

Demand forecasting has short and long term objectives and according to Demand
Forecasting: Concept, Significance, Objectives and Factors. (2015, August 11). Retrieved June 4,
2018, from http://www.economicsdiscussion.net/demand-forecasting/demand-forecasting-
concept-significance-objectives-and-factors/3557, these are the following :

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 Figure 1 - Short and Long-Term Objectives of Demand Forecasting

Demand Forecasting: Concept, Significance, Objectives and Factors. (2015, August 11). Retrieved June 4, 2018, from
http://www.economicsdiscussion.net/demand-forecasting/demand-forecasting-concept-significance-objectives-and-factors/3557

A. Short-Term Objectives
1. Formulating production policy
Demand forecasting helps in covering the demand and supply gap of the
product. It aids in estimating the raw material requirement in the future so that the
raw material regular supply can be maintained. It helps in the utilization of
resources into the maximum level because operations are planned according to
forecasts. Likewise, with the help of demand forecasting, human resource
requirements are met easily.

2. Formulating price policy

One of the most important objectives of demand forecasting wherein a
business organization sets prices of products according to its demand in the market.
For instance, there is an economy depression or it is in a recession phase, the
demand for products falls. It that happens, the business firm sets low prices for its
products.
3. Controlling sales
To help in setting sales targets which serves as the basis for evaluating sales
performance is another objective of demand forecasting. A business firm may make
demand forecasts for different regions and fix sales targets for each accordingly.

4. Arranging finance
Demand forecasting aims to help the business organization to estimate its
financial requirements. It helps in ensuring the proper liquidity within the firm.
B. Long-Term Objectives
1. Deciding the production capacity
Demand forecasting aims to help the organization to determine the size
requirement of the plant for production. The said plant size should conform to
the organization’s sales requirement.
2. Planning long-term activities
Demand forecasting helps in the long-term planning. For instance, if the
forecasted demand for the firm’s products is high, then the said business firm may
plan to invest in expansion and project development in the long term.

Demand forecasting as a proactive process helps in determining the products needed,

where, when and in what quantities. According to the same source, there are factors that affect
demand forecasting and these are the following:
 Figure 2 - Factors Affecting Demand Forecasting

Demand Forecasting: Concept, Significance, Objectives and Factors. (2015, August 11). Retrieved June 4, 2018, from
http://www.economicsdiscussion.net/demand-forecasting/demand-forecasting-concept-significance-objectives-and-factors/3557

1. Types of goods
Types of goods affect the process of demand forecasting. Goods can be new and
established ones. New goods are those which are yet to be introduced in the market
while established goods are those which are existing already in the market. Information
regarding the substitutes, demand and competition level of goods is known only in case
of established goods while forecast demand for the new goods is difficult.

2. Competition level
Level of competition influence the demand forecasting process. In a highly
competitive market, product demand also depends on the number of competitors.
Likewise, in a highly competitive market, a risk is always present for new entrants. In
the said case, demand forecasting becomes challenging and difficult.

3. Price of goods
Prices of goods acts as a major factor which influences the process of demand
forecasting. The demand forecasts of a business organization are affected by change in
their policies in prices. In such case, estimating the exact demand of products is difficult.

4. Level of technology
Technology level constitutes a relevant factor in obtaining demand forecasts
which are reliable. If a rapid technology change is present , the existing technology or
product may become obsolete.

5. Economic viewpoint
Economic viewpoint plays a critical role in obtaining demand forecasts. For
instance, if positive development in an economy is present - globalization and high
level of investment , the demand forecast of business firm would be positive too.

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Forecasting Approaches

According to Constantino, T. (2015, February 17). Operations management

forecasting. Retrieved June 5, 2018, from https://www.slideshare.net/Euwinx/operations-
management-forecasting, forecasting approaches include the qualitative and quantitative
approaches.
1. Qualitative approach include the methods consisting mainly of inputs which are
subjective and often defy precise numerical description. Either the historical
data projection or the associative models that attempt to use explanatory or
causal variables is involved to make a forecast.
2. Quantitative approach is consist of objective or hard data analysis. Personal
biases which sometimes contaminate qualitative methods are usually avoided.
Approach or a combination of both approaches may be used to develop a forecast
in practice.

Cost Implication and Decision Making using Forecasting

According to Forecasting as a tool for decision making (n.d) Retrieved June 5, 2018,
from http://www.sascommunity.org/sugi/SUGI88/Sugi-13-35%20Fingerman.pdf, the use
of business forecasts is the key to successful business operations, planning and strategy.
Useful forecast about future uncertain events are essential since business planning and
strategy entail decision and actions at the present time which will have consequences in the
future. Thus, a significant source of information for management is the business forecast. A
sales or demand forecast usually the area which need to have forecasting because
information regarding capacity planning, product mix, budgets, advertising and promotion
are will be provided by it. Items to be forecasted include the prices of raw materials, the
prices of supplies and required products, prices of competitor and the general market
prices. Forecasting is always an important part of planning, strategy and operation.
Likewise, according to Costly environments - forecasting project schedules for time
and costs. (n.d.). Retrieved June 5, 2018, from
https://www.pmi.org/learning/library/costly-environments-project-schedules-time-
costs-5734, More than ever before, at present mistakes appear so costly and rewards for
success are attractive . Likewise, management in making decisions carries with it some
consequence real costs, costs associated with the wrong application of valuable resources
over and over again. Usually forecasting errors lie at the root of all important tie and cost
tradeoffs of scheduling because managers, to compensate for unexpected delays and to
capitalize on opportunities as projects unfolds make moves.

Forecasts that compare favorably with actual outcomes and have reasonable chance
of occurring are involved in good time estimates. Beyond this, the consequences of being
wrong should be considered in good forecasts in costly environments. Likewise, a reliable
 bias in the direction of minimizing the forecast error costs should be provided to
managers.

With the above given present and possible future situations, as production
operations manager, deciding on the matters of forecasting and applying it in planning
and using strategies to increase profit should be done effectively.

Forecast or time estimates are future oriented. From the same source , at present,
managers should act now to plan and establish through forecasts considering the
consistent target completion dates with the use of resources – men, machines and materials
and through the use of technologies at hand.
Managers on the other hand must act at the latter date to control and monitor the
project phase evolution with a comparison on the milestones to targeted dates of
completion.

Forecasting Processes
According to 1.6 The basic steps in a forecasting task. (n.d.). Retrieved June 5, 2018,
from https://www.otexts.org/fpp/1/6, the steps to follow in a forecasting task are
1. Define the problem.
Understanding of the way the forecasts will be used, who requires the
forecasts, and how the function of forecasting fits within the organization
requiring the forecasts is required in defining the problem carefully. Spendin g
time talking to everyone who will be involved in collecting the data, data
maintenance and using the forecasts for future planning should be done by a
forecaster.

2. Gather information.
In gathering information, at least two kinds of information is re quired:
a. Statistical data
b. Accumulated expertise of the people who collect the said data and use
the forecasts.
In fitting a good statistical model, difficulty may be encountered in obtaining
enough historical data. Due to the changes in the system being forecast,
occasionally very old data will be less useful.
3. Conduct preliminary analysis
In conducting preliminary analysis, graphing the data should be the starting
point. The following questions can be utilized in conducting such analysis:
a. Are there consistent partterns?
b. Is there a relevant trend?
c. Is seasonality relevant?
d. Is there evidence of the presence of business cycles?
e. Are there any outliers in the data that should be explained by experts?

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 f. How strong are the relationships among the variables available for
analysis?

4. Choose and fit models

The availability of historical data, the strength of forecasts variable an
explanatory variable relationship and the way the forecast are to be used
should be considered in using the best model. Comparing two or three
potential models can be done for each model is itself an artificial construct which
is based on the explicit and implicit assumptions. One or more parameters
which must be “fitted” using the known historical data is usually involved.

5. Use and evaluate a forecasting model

The model is used to make forecast when a model has been selecte d and its
parameters are already estimated. After the data for forecast period have become
available , the performance of the model can be properly evaluated. To help in
assessing the forecast accuracy, a number of methods have been developed. In
using and acting on the forecast, there are also organizational issues.

Methods of Forecasting
1.4 Forecasting data and methods. (n.d.). Retrieved June 3, 2018, from
https://www.otexts.org/fpp/1/4, appropriate forecasting methods largely depend on the
data available.
A. Qualitative Methods
If the data are not available and when the available data are not important to
forecast, qualitative methods of forecasting methods should be used. In obtaining
good forecasts without using historical data, well-developed structured approaches
are used.
B. Quantitative Methods
These are applied when the following conditions are satisfied:
 Numerical data and information about the past is available
 Assumption that some aspects of patterns in the past will continue
into the future.
Actually, a wide range of quantitative forecasting methods are
available and often developed within specific disciplines for specific purposes.
When choosing a specific method, method properties, accuracies and cost
should be considered. Either time series data which are collected at regular
intervals over time or cross-sectional data which are collected at a single
point in time are used mostly in quantitative forecasting problems.
1. Cross-sectional forecasting
With this method, using the information on the cases that the
business firms have observed, the said firm wants to predict the
value of something that has not observed. With cross-sectional
data, we are wanting to predict the value of something we have
 not observed, using the information on the cases that we have
observed.

2. Time series forecasting

Data on times series are useful when an individual is forecasting
something that is changing over time like prices, stock, sales figures,
profits and the like. Time series is Anything that is observed
sequentially over time. Examples of time series data include the
following:
 Monthly rainfall
 Annual google profits
 Quarterly sales results for Lazada
The aim of forecasting time series data is to estimate how the
observation sequence will continue in the future.

Forecasting and the Product Life Cycle

Figure 3 - Product Life Cycle

Drevale, R. (2015, May 14). Ch 10 forecast. Retrieved June 5, 2018, from

https://www.slideshare.net/RioneDrevale/ch-10-forecast

According to Drevale, R. (2015, May 14). Ch 10 forecast. Retrieved June 5, 2018, from
https://www.slideshare.net/RioneDrevale/ch-10-forecast, product life cycle is composed of
introduction, growth, maturity and decline. The first two stages require longer forecasts
than the last two stages. Forecasts are useful in projecting staffing levels, inventory levels,
and factory capacity as product passes through life cycle.

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 In the first stage, Introduction, product designing and development are critical.
Frequently product and process design changes. There is a short production but has a high
production costs at this phase. Likewise, attention to quality should be considered during
this stage.
In the second stage, Growth, forecasting is critical and product and process reliability
should be considered. Competitive product options and improvements are present.
Likewise, there is an increase in the capacity of the firm to supply the product. Shifting
towards product focus is in this stage and enhancement of distribution is aimed to achieve
in this phase.
In the third stage, Maturity , the product has already stabilized standard for the
production such product. Changes in the product is on the minor level. Cost cutting is
achieved on this stage because long production runs and there is a stable improvement in
the product offered.
In the last stage, Decline, there is a decline in sales, declining profits and lower quality.

According to Forecasting Product Life Cycle Curves: Practical Approach and

Empirical Analysis (2017 Feb 24) Retrieved June 5, 2018 from http://public.kenan-
flagler.unc.edu/2017msom/MSOM%20and%20SIG%20Program/Track%205/C/MSOM20
17_1_0199.pdf many business organizations seek either to innovate and bring new products
as well as services to market. Still, top priorities for executives are growth and product
innovation. Creating sales forecasts is one of the largest challenges in managing new product
introductions. How firms approach forecasting in general and how the approach may differ
for new product forecasting is important to distinguish.

It was in the report that 75% of all forecasts are generated or at least influenced by
statistical forecasts while other researchers believed that market research based methods
and executive opinion dominate in forecasting sales.

According to Life Cycle Models and Forecasting Growth and Profitability (2017)
Retrieved June 5, 2018 from
http://sydney.edu.au/business/__data/assets/pdf_file/0007/340945/meafa2018_yohn.pd
f, forecast of profitability are not improved by industry-level analyses even there were
informative industry –level analyses. Unless business organization are able to exploit it
profitability, growth does not add value. In the investment decision-making process
wherein illustrating the importance of finding methods that can be used to improve their
quality, profitability forecasts.

Qualitative and Quantitative Methods of Forecasting

According to Forecasting Fundamentals (n.d.) Retrieved June 4, 2018, from
http://mech.at.ua/Forecasting.pdf, forecasting methods has two types and these are the
qualitative and quantitative methods. The first type are based on opinions, judgments,
emotions, intuitions or persona experiences. These are subjective in nature and do not rely
 on mathematical computations while the quantitative methods are based on mathematical
models. Likewise, they are objective in nature and rely heavily on mathematical
computations.

Figure 4 - Qualitative Forecasting Methods

Rai University. (2015, March 18). Mba ii pmom_unit-1.3 forecasting a. Retrieved June 4, 2018, from
https://www.slideshare.net/raiuniversity/mba-ii-pmomunit13-forecasting-a

According to Rai University. (2015, March 18). Mba ii pmom_unit-1.3 forecasting a.

Retrieved June 4, 2018, from https://www.slideshare.net/raiuniversity/mba-ii-
pmomunit13-forecasting-a qualitative forecasting methods include the following:
1. Executive judgment – ideas and opinion of group of high level managers or experts
is pooled.

2. Sales force composite – Sales estimates of each regional salesperson are provided
and the said forecasts are then reviewed to make sure that the said estimates are
realistic. All regional forecasts are then pooled in the district and national levels so
as to obtain an overall forecasts.

3. Market research/survey – Customer’s future purchasing plans are then solicited.

Use of questionnaires, test of new products and services and consumer panels are
involved here.
4. Delphi method – effects of group potential dominance of the most vocal members
are eliminated in this method. The following steps are done in this method:
4.1. All group statements are collected and summarized by the coordinator.
4.2. Summary is provided by the coordinator and another set of questions are
given to each group member including the feedback as to the input of other
experts.
4.3. The same steps will be repeated until the consensus is reached.

From the same source, the quantitative forecasting methods were given and these
are the time-series models and the associative methods.

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 Figure 5 - Quantitative Forecasting Methods

Quantitative Forecasting Methods. (n.d.). Retrieved June 4, 2018, from

http://academic.brooklyn.cuny.edu/economic/klein/30_2/Berenson/CHAP5/sld006.htm

A. Time Series Models

Past patterns of data are being looked in these models. These
models attempt to predict the future based upon the contained
underlying patterns within the said data.

1. Moving Average - an average of a specified number of the most recent

observations are used wherein each observation is receiving the same
emphasis or weight.

2. Exponential Smoothing – it is a weighted average procedure wherein

weights decline exponentially as the data become older.

3. Trend models – Least squares method is used in this technique so as

to fit a straight line to the data.

Technique that uses the least squares method to fit a straight line to the data
B. Causal Models
These are often called as associative models which assume that the
elements being forecasted is related to other environmental elements or
variables. Projection is based on the said associations.
1. Regression - According to Rai University. (2015, March 18). Mba ii
pmom_unit-1.3 forecasting a. Retrieved June 4, 2018, from
https://www.slideshare.net/raiuniversity/mba-ii-pmomunit13-
forecasting-a, regression analysis takes advantage of relationship
between two elements or variables. Based on the knowledge of this
 relationship and for the given value of related variable , demand is then
forecasted.
Forecasting Accuracy
In the study of Determinants of Analyst Forecasting Accuracy (2016) Retrieved June
4, 2018 from
https://repository.upenn.edu/cgi/viewcontent.cgi?article=1010&context=joseph_wharton
_scholars, the determinants of forecast accuracy are the following:
1. Industry
The business operations of a certain business firm and the industry where
the business belongs are causes of variation in forecast accuracy. It is in the
ability of analysts in certain industries which are being better able to
conduct their analysis that the relationship of industry evolves. Potential
causes are
 First, stability of operations among industries are varied. For
instance, utilities, are likely to be subject to fewer exogenous than are
firms operating with the mining sector, whose operations are subject
to fluctuations in commodity prices.
 Forecast accuracy is likely to be affected by the innate skill of the
analyst.
 Certain industries may have greater aggregate analyst coverage,
which can lead to better marginal information gathering and more
accurate consensus estimates.
 Accounting factors can be another link in the relationship between
accuracy and industry.

2. Forecast horizon
It is the time between when analyst submits an estimated projects sales
forecast and the company announcement of the actual estimated projected
sales. It relevantly affects the accuracy of forecasts.

3. Firm size
Firm’s size is a well-documented determinant of forecast accuracy. Larger
firms usually have more accurate forecast. The larger ones generally have a large
analyst which contributes to a more extensive coverage and data and information
gathering which are aggregate ones. Another thing is that there is a greater
scrutiny by the participants in the market that gives pressure to the company to
have better reporting, stable earnings and a more comprehensive disclosure by
the management.

4. Analyst following
This refers to the trends in the analyst following like number of analyst
following a firm within a period of time and the dispersion in their forecasts.
There are reports that the larger analyst following has generally greater forecast
accuracy.

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 5. Earnings type
The earning type – profits vs. losses and increases vs decreases has been
found in the research associated with forecast accuracy. It is associated with the
incentive structure of sell-side analysts wherein analysts who issue negative
recommendation create risk in terms of their relation with the management of the
firm and of course with their access to information.
6. Earnings management
Earnings management and earnings quality on forecasts accuracy impact is
well documented. In the research made, earning management ref ers to the
undertaken actions by the firm’s management that undermine earnings quality and
the ability of sellside analysts to conduct and issue forecasts which are accurate.

7. Financial crisis
It was noted in the research made that the dispersion and the accuracy of
forecasts errors have changed overtime – from pessimistic to optimistic. It was
alarming because magnitude and dispersion of forecast errors are steadily
increasing. In some studies, significant changes in regulation and economy seemed
to be the primary catalysts for these changes.

References and Supplementary Materials

Books and Journals
1. 1.2 Forecasting, planning and goals. (n.d.). Retrieved June 3, 2018, from
https://www.otexts.org/fpp/1/2
2. 1.4 Forecasting data and methods. (n.d.). Retrieved June 3, 2018, from
https://www.otexts.org/fpp/1/4
3. Forecasting Fundamentals (n.d.) Retrieved June 4, 2018, from
http://mech.at.ua/Forecasting.pdf
4. Demand Forecasting: Concept, Significance, Objectives and Factors. (2015, August
11). Retrieved June 4, 2018, from http://www.economicsdiscussion.net/demand-
forecasting/demand-forecasting-concept-significance-objectives-and-
factors/3557
5. Basic rules of forecasting (n.d.) Retrieved June 4, 2018, from
https://scm.ncsu.edu/scm-articles/article/basic-rules-of-forecasting-approaches-
to-forecasting-a-tutorial
6. Rai University. (2015, March 18). Mba ii pmom_unit-1.3 forecasting a. Retrieved
June 4, 2018, from https://www.slideshare.net/raiuniversity/mba-ii-
pmomunit13-forecasting-a
 7. Measuring Forecast Accuracy (n.d.) Retrieved June 4, 2018, from
https://pdfs.semanticscholar.org/af71/3d815a7caba8dff7248ecea05a5956b2a48
7.pdf
8. Measuring Forecast Accuracy (n.d.) Retrieved June 4, 2018, from
https://scm.ncsu.edu/scm-articles/article/measuring-forecast-accuracy-
approaches-to-forecasting-a-tutorial#2
9. Determinants of Analyst Forecasting Accuracy (2016) Retrieved June 4, 2018 from
https://repository.upenn.edu/cgi/viewcontent.cgi?article=1010&context=joseph_
wharton_scholars
10. Drevale, R. (2015, May 14). Ch 10 forecast. Retrieved June 5, 2018, from
https://www.slideshare.net/RioneDrevale/ch-10-forecast
11. Life Cycle Models and Forecasting Growth and Profitability Retrieved June 5, 2018
from
http://sydney.edu.au/business/__data/assets/pdf_file/0007/340945/meafa2018
_yohn.pdf
12. Constantino, T. (2015, February 17). Operations management forecasting.
Retrieved June 5, 2018, from https://www.slideshare.net/Euwinx/operations-
management-forecasting
13. Forecasting as a tool for decision making (n.d) Retrieved June 5, 2018, from
http://www.sascommunity.org/sugi/SUGI88/Sugi-13-35%20Fingerman.pdf
14. Costly environments - forecasting project schedules for time and costs. (n.d.).
Retrieved June 5, 2018, from https://www.pmi.org/learning/library/costly-
environments-project-schedules-time-costs-5734

Online Supplementary Reading Materials

1. Makridakis, S., Spiliotis, E., & Assimakopoulos, V. (n.d.). Statistical and Machine
Learning forecasting methods: Concerns and ways forward. Retrieved June 3,
2018, from
http://journals.plos.org/plosone/article?id=10.1371/journal.pone.0194889
2. Forecasting Management (n.d.) Retrieved June 3, 2018, from http://www.diva-
portal.se/smash/get/diva2:223787/FULLTEXT01.pdf
3. A Sampling of Emissions Analysis Techniques for Transportation Control
Measures. (n.d.). Retrieved June 4, 2018, from
https://www.fhwa.dot.gov/ENVIRonment/air_quality/conformity/research/t
ransportation_control_measures/emissions_analysis_techniques/forecasting_a
pproaches.cfm
4. 2.5 Evaluating forecast accuracy. (n.d.). Retrieved June 4, 2018 from
https://www.otexts.org/fpp/2/5
5. Forecasting Product Life Cycle Curves: Practical Approach and Empirical
Analysis (2017 Feb 24) Retrieved June 5, 2018 from http://public.kenan-
flagler.unc.edu/2017msom/MSOM%20and%20SIG%20Program/Track%205/
C/MSOM2017_1_0199.pdf

Online Instructional Videos

Course Module
1. Demand Forecasting | Techniques of Demand Forecasting. (2015, February 25).
Retrieved June 5, 2018, from
https://www.youtube.com/watch?v=WXM0GwiILc0
2. Demand Estimation and Forecasting - Chapter 5 | Managerial Economics. (2017,
May 20). Retrieved June 5, 2018, from
https://www.youtube.com/watch?v=jwIMsUwdj_8
3. Demand Forecasting | Techniques of Demand Forecasting. (2016, December 11).
Retrieved June 5, 2018, from https://www.youtube.com/watch?v=uCj8l-4PAQo