Finding out what is going to happen next is one of the big questions in businesses. It would be so much easier to plan sales, purchases, production, staff and logistics etc. Many businesses know how important it is to forecast for the future, yet many fail to apply the fundamental concepts of statistical forecasting. Those that don’t use statistical forecasting face higher costs and uncertainty when the reality diverges from their plans. Those that do are able plan for the future much more efficiently and efficiently.
If you’re looking to improve the way you plan your business and save money by introducing statistical forecasting then this course is ideal. It is designed for anyone involved in business planning and performance analysis. The course uses a mixture of stimulating discussions and real-life case studies to introduce the following concepts. Each will be carefully explained, its relevance to forecasting highlighted and how the relevant calculations can be done in Excel.
By the end of the session you will have a firm grasp of how to summarise and measure trends as well as how to extrapolate trends into a forecast. You will also have a good understanding of how to perform relevant calculations in Excel.
Session 1: What is a trend?
Session 2: How to prove that a trend exists by using statistical tests?
Session 3: Using smoothing methods to measure the underlying trend.
Session 4: Identifying seasonality in your data.
Session 5: Using control charts to identify a change in the underlying trend.
Session 6: How to extrapolate trends into a forecast?