In virtually every decision we make, executives today consider some kind of forecast. Sound predictions of demands and trends are no longer luxury items, but a necessity.
Enterprises are seeking accurate forecasting of demand to stay ahead of the competition and also to increase their top lines and bottom lines. With shrinking lead times, enterprises need to not only control supply chain costs but also manage their inventories better and respond to global supply needs at increased speed and accuracy.
Our purpose here is to present an overview of this field by discussing the way a company ought to approach a forecasting problem, describing the methods available, and explaining how to match method to problem. We shall illustrate the use of the various techniques from our experience with them at Corning, and then close with our own forecast for the future of forecasting.