Certifying Organizations
Course Description
If you could read the future, business leaders like you would have an easy job managing their organizations. It would be easy to know exactly how and when to meet the demands of your customers. Forecasting is one method used by business professionals trying to read their company’s future by helping them anticipate future business needs. In this course, you will learn the definition of forecasting and its various categories. You’ll gain an understanding of the difference between qualitative and quantitative forecasting, and when it is best to use each. You’ll also acquire general forecasting principles and what to watch out for when forecasting,like what random error is and ways inaccuracy can occur.
Learning Objectives
- Understand the definitions and categories related to forecasting
- Learn how long-term, short-term, and medium-term forecasts are used
- Discover two major categories of forecasting: quantitative and qualitative
- Learn how random forecast error can cause forecasts to be inaccurate
Skills You Will Learn
- Forecasting
- Corporate Forecasting
- Financial Forecasting
- Forecasting Management
- Inventory Forecasting
- Sales Forecasting
What You'll Learn
- Define forecasting and identify its categories as used by business professionals
- Distinguish between qualitative and quantitative forecasting and when to use each
- Explain how long-term, short-term, and medium-term forecasts are used
- Apply general forecasting principles and recognize what to watch out for when forecasting
- Identify random forecast error and the ways inaccuracy can occur
Key Takeaways
- Forecasting is a method business professionals use to anticipate future business needs and demand.
- The two major categories of forecasting are quantitative and qualitative, each best suited to different situations.
- Forecasts can be long-term, short-term, or medium-term depending on how they are used.
- Random forecast error is a source of inaccuracy that can cause forecasts to be wrong.
- The course covers general forecasting principles along with what to watch out for when forecasting.
Frequently Asked Questions
What does this course cover?
It covers the definition and importance of forecasting, its categories, qualitative and quantitative forecasting, general forecasting principles, and forecasting error.
Who is this course for?
It is aimed at business leaders and professionals who want to anticipate future business needs and meet customer demand through forecasting.
What is the difference between qualitative and quantitative forecasting?
The course explains these as the two major categories of forecasting and teaches the difference between them and when it is best to use each.
What skills will I gain from this course?
The course develops skills in forecasting, corporate forecasting, financial forecasting, forecasting management, inventory forecasting, and sales forecasting.
Why can forecasts be inaccurate?
The course explains that random forecast error can cause forecasts to be inaccurate and covers ways inaccuracy can occur.
Professional Certifications and Continuing Education Units (CEUs)
Professional Development Units (PDUs): 0.5
KnowledgeCity has been reviewed and approved by the PMI® Authorized Training Partner Program. Users can maintain your PMI credentials by earning PDUs from KnowledgeCity qualified courses in Project Management, Business Management, Leadership and many others.
