Implementing and maintaining a forecasting tool in order to improve demand forecast accuracy

Abstract

One can argue that forecasting has existed since Nicolaus Copernicus (1473–1543) wrote On the Revolutions of the Heavenly Spheres and used mathematics and logic to prove and predict earth’s movement around the sun. Modern forecasting, however, has its roots firmly in the 20th century when companies and individuals started applying it to anticipate and predict everything from stock keeping to sales. The purpose of his study was to implement such a forecasting system into Company A in such a way that it would improve their outlook and efficiency in regards to forecasting. This was achieved through research, analysis, and the creation of a so called “tool” that is potentially usable by anyone that wishes to engage and be involved in the forecasting procedure. By analyzing Company A’s systems, needs and requirements, a successful forecasting tool was created allowing the company to easily visualize any comparisons and changes that may need to be implemented as well as a successful way to update it easily with little resistance. It can be concluded that the research and its implementation was a success in regards to the tool creation. However, due to the circumstances and existing limitations, the actual forecasting method remained unchanged. Furthermore, technology limitations may affect the reliability of the outcome of the results, and as such a deeper, further test would be required to accurately gauge the impact of such a new forecasting tool, perhaps via independent testing.