Improving sales forecasts by improving the input data

Article Abstract:

Sales forecasts can be improved by ensuring the quality of input data. One of the factors that affect data quality is the frequent use of time series analysis for developing sales projections. This method introduces errors in the forecasting process as a result of marketing mix expenditures. Other potential causes of data error include sales quotas, sales data patterns, accounting processes and company politics.

Management science, Usage, Sales forecasting, Time-series analysis, Time series analysis

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Forecasting market share

Article Abstract:

Four types of market share forecasting models are described and examples of each type are provided. These are the time series models, multiple linear regression models, logit models and conjoint analysis models. A comparison between time series versus multiple regression and logit models is also conducted. Market share forecasts are considered as valuable planning and evaluation tools.

Models, Forecasts and trends, Market share

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Six ways to make sales forecasts more accurate

Article Abstract:

Methods of improving forecasting accuracy are discussed. Six methods of accuracy improvement are detailed, namely combining economic indicators with market analysis, managing the human bias factor, obtaining supply chain information, reducing the variance in sales patterns, improving data quality and analysing the variables.

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