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Predictive Analytics: QM901.1x Prof U Dinesh Kumar, IIMB

This document discusses predictive analytics and forecasting. It provides an overview of forecasting, including definitions and examples of different types of forecasting used in corporate strategy and planning. It also lists some common forecasting methods such as qualitative techniques, quantitative time series techniques, and causal models.

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Shayan Sen Gupta
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Download as PDF, TXT or read online on Scribd
135 views

Predictive Analytics: QM901.1x Prof U Dinesh Kumar, IIMB

This document discusses predictive analytics and forecasting. It provides an overview of forecasting, including definitions and examples of different types of forecasting used in corporate strategy and planning. It also lists some common forecasting methods such as qualitative techniques, quantitative time series techniques, and causal models.

Uploaded by

Shayan Sen Gupta
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Predictive Analytics : QM901.

1x
Prof U Dinesh Kumar, IIMB

© All Rights Reserved, Indian Institute of Management Bangalore


Predictive Analytics : QM901.1x
Prof U Dinesh Kumar, IIMB

Those who have knowledge don’t predict.


Those who predict don’t have knowledge.

- Lao Tzu

© All Rights Reserved, Indian Institute of Management Bangalore


Predictive Analytics : QM901.1x
Prof U Dinesh Kumar, IIMB

I think there is a world market for may be 5 computers


- Thomas Watson, Chairman of IBM 1943

Computers in future weigh no more than 1.5 tons


- Popular Mechanics, 1949

640K ought to be enough for everybody


- Bill Gates, 1981???

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Predictive Analytics : QM901.1x

Forecasting
Prof U Dinesh Kumar, IIMB

• Forecasting is a process of estimation of an unknown event/parameter


such as demand for a product.

• Forecasting is commonly used to refer time series data.

• Time series is a sequence of data points measured at successive time


intervals.

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Predictive Analytics : QM901.1x
Corporate Prof U Dinesh Kumar, IIMB
Strategy

Business Product and Market Product and Market Strategy


Forecasting Planning

Aggregate Resource Planning -


Aggregate Production
Medium to Long Range
Forecasting Planning
Planning

Item Production Capacity - Short


Master Production
Forecasting Planning Range Planning

Demand Materials Capacity Requirement


forecasting at SKU Requirement Planning
Level Planning

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Predictive Analytics : QM901.1x
Prof U Dinesh Kumar, IIMB

Forecasting methods

• Qualitative Techniques.
– Expert opinion (or Astrologers)

• Quantitative Techniques.
– Time series techniques such as exponential smoothing

• Casual Models.
– Uses information about relationship between system elements
(e.g regression).

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