Module 13 – Forecasting

What will you learn?

This module introduces what forecasting is, how to set up a forecast, what to forecast and the data required to execute a forecast. We also take a look at data across different timelines and their relevance to a forecast as the day of arrival approaches. The module introduces forecasting tools using average pick up and time series analysis through booking curves. We look at the consequences of under forecasting and over forecasting and finally, forecast accuracy is covered using the MAD and MAPE calculations.

What will you get

• 9 easy to follow video tutorials introduce the practicalities of forecasting
• A step by step guide on to create a framework for forecasting and the data required
• 30, 60, and 90-day checklist of actions to manage a manual forecast
• How value and volume of demand impact overall results
• How to measure the accuracy of your forecast
• ‘Test your Understanding’ with our Knowledge Check

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Content and Topics

1) Introduction

2) Topic 1 A Definition of Forecasting

3) Topic 2 Creating a framework for Forecasting

4) Topic 3 Forecasting Models

5) Topic 4 Forecasting Timelines

6) Topic 5 Tools to use to Forecast

7) Topic 6 Value and Volume of Demand

8) Topic 7 Putting Forecasting into Practice

9) Topic 8 Forecasting Error Measurements

10) Summary

11) Knowledge check – 10 questions

This is for you if you

• Are running a manual forecast and want to optimise your approach
• Are running an automated forecast and want to validate the results
• Want to understand the principles of forecasting and the techniques used
• Want to improve your contribution to optimise incoming revenues