What is consensus forecast?how its used?what are the FORECAST models invovled

What is consensus forecast?how its used?what are the
FORECAST models invovled in?

Question Posted / arun

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What is consensus forecast?how its used?what are the FORECAST models invovled in?..

Answer / lova

Consensus forecast refers to a business process, not a
system function. It basically means forecast created with
the mutual agreement of the various business functions,
e.g. supply chain, finance, sales, etc.
As such it is not linked to any statistical forecast models
(I assume you meant that) and you can use any and all
models, it will not create a consensus forecast for you.
You have to take your numbers and discuss and agree about
them with your colleagues of the different departments.
That's what will make your forecast consensus based.

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What is consensus forecast?how its used?what are the FORECAST models invovled in?..

Answer / james bond

As the word says it...its a consensus. Among different
business unit which are responsible for forecasting.
APO gives flexibility with providing various forecast
models. These are
1. Univariate
1.1. Moving Average
1.2. Exponential Smoothing
1.3. Seasonal
2. Causal
2.1. Multiple Linear regression
3. Composite
3.1. Weighted average

You can employ these models while defining multiple planning
books and prepare forecast. Next you deliver these modeling
results to S&O team, Management to decide the suitability.
You may also want to include external factors like new
product launch or seasonal product promotions to be included
in the forecast model. After all this brainstorming you
arrive at one final approved plan which your company will use.

Hope this helps.

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What is consensus forecast?how its used?what are the FORECAST models invovled in?..

Answer / mohammed

In simple consensus forecast is arriving an average figures
by taking eg.. production forecast qty, marketing
forecasting qty and planned qty.. and so on..

Eg. Production forecast:200 nos. Marketing Forecas qty:250,
you can arrive the consesus forecast qty is 225qty.

I hope this will help you..

MOHAMMED
SAPTEQ GLOBAL CONSULTING SERVICES,
SAPTEQ@GMAIL.COM
WWW.SAPTEQ.COM

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