LibGuides: Business Operations Management (Assignment Guide): Forecasting

Forecasting Overview

Image Source: "Forecasting: What It Is, How It’s Used in Business and Investing," Theresa Chiechi / Investopedia

Forecasting (OER Textbook)
Learning Objectives
- What is forecasting and why is it important?
- Understand the differences between qualitative and quantitative forecasting
- Describe types of demand patterns exhibited in product demand
- Calculate forecasts using time series analysis and seasonal index
- Determine forecast accuracy

More About Forecasting

Forecasting
The task of planning is relatively straightforward in a stable or repetitive environment. It becomes more of a challenge in an environment of uncertainty. For any organisation, ‘reliable’ information about the future is a source of competitive advantage. Forecasting is the organizational process by which planners elicit information about future demand, use past demand information, and adopt techniques to supplement the intuitive feelings of managers and decision makers. The output of this process is a forecast, i.e. a specification of expected future demand. Forecasts are paramount to the task of planning, as they constitute the starting point for planning processes: it is from a forecast that decisions such as capacity planning, aggregate production planning, and scheduling can be initiated. | from SAGE Key Concepts series: Key Concepts in Operations Management | Credo Reference ((Library Database)
Forecasting Processes, Types, and Methods
This article lists steps in the forecasting process; identifies types of forecasting methods and their advantages and disadvantages; discusses the methods used to improve the accuracy of forecasts. | LibreTexts (OER Textbook Collection)
Forecasting in Foodservice or Restaurants
Forecasting is one of the critical activities of any manager. In the hospitality industry, managers are expected to forecast revenue streams for both immediate and long-term needs. Some of the simple applications of forecasting include forecasting of revenues to schedule employees; forecasting of revenues to plan food and supply orders; forecasting of revenues to correspond with marketing efforts, etc. Forecasting can be accomplished by using sophisticated quantitative models or qualitative and intuitive managerial decisions. The choice depends on the complexity of the organization and the importance of the forecasting decision. | from International Encyclopedia of Hospitality Management | Credo Reference (Library Database)
SAGE Key Concepts series: Key Concepts in Operations Management
Key Concepts in Operations Management introduces a selection of key concepts and techniques in the field. Concise, informative and contemporary, with consideration given to explaining the principles of the topic, as well as the relevant debates and literature. | Author: Michel Leseure; Publisher: Sage UK; Copyright: © SAGE Publications Ltd 2010 |Credo Reference Database

Searching for Industry Trends Over Time - Example: Coffee Shops

Business: Insights (Gale)
A business research database that provides tools for finding information about industries and companies including their histories, SWOT analyses, investment, financial and market share reports, and industry essays. Access comparison charts and case studies to learn practical business skills and decision-making strategies. Find current news, statistical data, and in-depth reports. Set up searches by country, state, city, SIC and NAICS codes, revenue, and number of employees.

Searching for Industry Trends

Link to the library database, Business: Insights (Gale), above, Find Explore Industries on the home page and click Browse All Industries.

If you've already chosen an industry, enter the NAICS Code for your Industry. (NOTE - Business: Insights only accepts 6-digit NAICD Codes. Click NAICS Code result (722515).)

If you have not yet chosen an industry to research explore the list of industries in the Browse All Industries list OR the Most Searched Industries on the Home Page.

The Plunkett Report will provide you with financial data for the industry. Click to open the Plunkett Report for your NAICS code.

NOTE: This edition of the Plunkett Report is 57 pages long. Scroll through it to gather the data you need. This is an example of data found on page 22.

Searching for Company Trends

To locate the performance of a major company over time you can find a Historical Revenue list and a revenue comparison bar chart below the financial information provided. If you hover over each bar you will get the exact figures.

STARBUCKS EXAMPLE

Click Historical Revenue under company details

Scroll down to find the revenue comparison bar chart. Hover over each bar to see the exact figures.