From the course: Excel: Sales Forecasting
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What is sales forecasting?
From the course: Excel: Sales Forecasting
What is sales forecasting?
- [Instructor] Sales forecasting is a key area for firm ops planning. Let's talk about what goes into the forecasting process, and why it's so important. So, what exactly is sales forecasting? Well, in a nutshell, there are three different methods of forecasting techniques: causal methods, time series methods, and qualitative methods. Each of these different areas has their own set of advantages and disadvantages, so you'll hear practitioners talk about any of the three of them and have a preference for one of the three, or some folks will use a combination of the three. Starting with causal forecasting. Causal forecasting really relies on relationships between different factors we want to take into account, that is, between different variables. The relationships have to be more than just luck. Now, there's a variety of different causal methods. We have regression analysis, multiple regression, and then qualitative…
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