4.3 SALES FORECASTING / IB BUSINESS MANAGEMENT / moving average, variation, extrapolation, time seri
Summary
This video provides an insightful introduction to sales forecasting techniques, emphasizing the importance of understanding trends for effective decision-making. It covers concepts such as time series analysis, moving averages, and trend extrapolation to predict future sales accurately. The discussion also delves into variations in sales data, tools like correlations and market research for forecasting, and the benefits of sales forecasting for decision-making and risk reduction. Overall, the video offers a comprehensive overview of key aspects of sales forecasting essential for business management.
Introduction to Sales Forecasting
Introduction to sales forecasting techniques including time series analysis, simple linear regression, and trend extrapolation.
Calculations of Moving Averages
Explanation of moving averages, including the use of three-year moving averages to analyze trends and predict future sales.
Variations and Adjustments in Sales Forecasting
Discussion on variations in sales data, adjusting cash flow management, and the importance of understanding trends for better decision-making.
Time Series Analysis for Sales Forecasting
Explanation of time series analysis and the three main kinds of fluctuations: random, seasonal, and cyclical, with examples and their impact on sales forecasting.
Tools for Sales Forecasting
Overview of tools in the IB business management toolkit for sales forecasting, including correlations, averages, mean, mode, and market research.
Benefits and Limitations of Sales Forecasting
Explanation of the benefits of sales forecasting for decision-making, stock management, and risk reduction, along with limitations such as future prediction uncertainty and human biases.
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