Archives for forecasting

6. Knowing the Unknown: Tacking Through the Demand and Anticipating the Shifts

Predicting and preparing for the future is the hallmark of success.  Statisticians have spent entire careers trying to determine optimal production and shipments.  Yet perfect forecasts still elude statisticians, and high error rates and incorrect inventory levels are the norm.  While no crystal ball has yet emerged, the integration of real time demand data is…